118th Congress · SENATE BILLBILL

S. 3527 — Iran SDR Exchange Prohibition Act of 2023

“A bill to prohibit the Secretary of the Treasury from engaging in transactions involving the exchange of Special Drawing Rights issued by the International Monetary Fund that are held by the Islamic Republic of Iran, and for other purposes.”

International affairs

Introduced Dec 14, 2023

Last action Dec 14, 2023

Pipeline · Bill → Law

Step 1

Introduced

Dec 14, 2023

Step 2

Referred

Dec 14, 2023

Foreign Relations

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill prohibits the Department of the Treasury from engaging in transactions involving Special Drawing Rights (SDR) issued by the International Monetary Fund (IMF) and held by Iran. (The SDR is an international reserve asset maintained by the IMF based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.) Treasury must (1) vigorously advocate that each member of the IMF prohibit transactions of SDRs held by Iran, and (2) direct U.S. representatives to the IMF to use the voice and vote of the United States to oppose any SDR allocation to Iran.

Provisions · 2 sectionsIntroduced in Senate

Timeline · 2 actions

Dec 14, 2023

Introduced in Senate

Dec 14, 2023

Read twice and referred to the Committee on Foreign Relations.