Rep. Hill Votes Against Supporting Funds to Rogue Actors Through $1.5 Trillion in IMF SDRs

Washington, July 28, 2021

Rep. Hill Votes Against Supporting Funds to Rogue Actors Through $1.5 Trillion in IMF SDRs

Today, Rep. Hill issued the following statement after voting against the FY 2022 State and Foreign Operations spending bill.

“At the last minute, Democrats unilaterally jammed a provision in this spending bill supporting more than $1.5 trillion in International Monetary Fund (IMF) Special Drawing Rights (SDRs) for rogue actors like China, Russia, Iran, and Syria. Bypassing regular order and circumventing the committee process has been typical of Democrats since they came into the majority in 2019,” said Rep. Hill. “As I have stated on numerous occasions, SDRs are supposed to meet long term global economic needs and are not meant for short term emergencies. So, as Democrats continue to bow to pressure from the left, they are actively undermining U.S. foreign interests by bailing out our adversaries and giving a blank check to terrorists, dictators, and perpetrators of genocide.”

Background:

  • In September 2020, Rep. Hill initially outlined his concerns with SDRs in an op-ed in The Hill.
  • In February 2021, Rep. Hill reiterated his views an in op-ed in the Wall Street Journal.
  • On March 4, 2021, Rep. Hill introduced H.R. 1568, the Special Drawing Rights Oversight Act to limit the executive branch’s ability to bypass Congress to authorize SDRs.
    • For a one pager on the bill, click HERE.
  • On March 4, 2021, Rep. Hill also joined Kristin Myers on Yahoo Finance to discuss SDRs.
  • On March 18, 2021, Rep. Hill outlined his concerns with SDR allocations in a letter to G7 leaders.
  • On March 25, 2021, Rep. Hill participated in a radio interview with 89.1 KUAR in Arkansas.
  • On April 2, 2021, Rep. Hill sent a letter to Treasury Secretary Yellen encouraging her to meet for an official consultation.
  • On May 6, 2021, Rep. Hill spoke to Yahoo Finance discussing his opposition to Administration’s SDR plans
  • On May 12, 2021, Rep. Hill and Member of Parliament Rehman Chishti published an op-ed in The Times Redbox on the IMF’s plans.
  • On June 11, 2021, Rep. Hill expressed his concern that the G7 plan to recycle SDRs doesn’t go far enough. 

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