IMF Accountability Act: Blocking Funds and Influence for Specific Nations
This law aims to restrict the use of US influence within the International Monetary Fund (IMF) to financially support specific countries. It prevents the US government from voting to allocate funds or increase the financial stake of nations like China, Russia, or Iran without explicit Congressional approval. This measure is designed to ensure US taxpayer money is not channeled to regimes deemed hostile or problematic.
Key points
Prohibits the US from voting to allocate IMF funds (SDRs) to eight specified countries, including Russia and China, unless Congress authorizes it.
Requires the US to oppose increasing the financial power (quotas) of these countries in the IMF and blocking rule changes that would grant them easier access to large loans.
Expired
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