2022: Fitzpatrick Voted To Prohibit The Treasury Department From
Engaging In Transactions Involving The Exchange Of Special Drawing
Rights Issued By The International Monetary Fund Held By Russia Or
Belarus. In May 2022, according to Congressional Quarterly,
Fitzpatrick voted for the Russia and Belarus SDR Exchange Prohibition
Act of 2022, which would "prohibit the Treasury Department from engaging
in any transaction involving the exchange of Special Drawing Rights
issued by the International Monetary Fund that are held by Russia or
Belarus." The vote was on passage. The House passed the bill by a vote
of 417-2, thus the bill was sent to the Senate. [House Vote 162,
5/11/22; Congressional
Quarterly, 5/11/22;
Congressional Actions, H.R.
6899]
The Bill Would Instruct The Treasury Department To Encourage IMF
Members To Also Ban Special Drawing Rights Transactions With Russia
And Belarus And Direct U.S. Executive Directors At International
Financial Institutions To Promote The Opposition Of Financial
Assistance To Russia and Belarus. According to Congressional
Quarterly, "It would require the department to 'vigorously advocate'
that IMF member countries also prohibit such transactions and direct
the U.S. executive director at each international financial
institution to 'use the voice and vote' of the United States to
oppose the provision of financial assistance to Russia and Belarus
except to address basic human needs of the civilian population."
[Congressional Quarterly,
5/11/22]
The Bill Would Provide For A "National Interest Waiver" By The
President For Five Years Or 30 Days After The President Certifies
That Russia Has Ceased Invading Ukraine. According to
Congressional Quarterly, "It would provide for a national interest
waiver by the president and specify that the bill's provisions would
terminate on the earlier date of five years after enactment or 30
days after the president reports to Congress that Russia has ceased
destabilizing activities with respect to the sovereignty and
territorial integrity of Ukraine." [Congressional Quarterly,
5/11/22]
The Bill Would Forbid The Treasury Department From Participating
In Transactions That Would Convert Russian Or Belarusian-Held IMF
Special Drawing Rights To U.S. Dollars. According to Congressional
Quarterly, "The panel also advanced by voice vote a bill (HR 6899)
introduced by Rep. French Hill, R-Ark., that would bar Treasury from
participating in transactions to convert Russian- or Belarusian-held
IMF special drawing rights (SDR) to U.S. dollars." [Congressional
Quarterly,
3/17/22]
2021: Fitzpatrick Voted To Direct The U.S. Executive Director At The
International Monetary Fund To Promote International Standards And Best
Practices Of Sovereign Debt Contracts And Advocate For Assistance To
Members. In October 2021, Fitzpatrick voted for the Sovereign Debt
Contract Capacity Act which would, according to Congressional Quarterly,
"require the Treasury Department to instruct the U.S. executive director
at the International Monetary Fund to advocate for the provision of
technical assistance to IMF members seeking to enhance their capacity to
evaluate the legal and financial terms of sovereign debt contracts, and
for the promotion of international standards and best practices
regarding sovereign debt contracts. It would require the Treasury
Department to report to Congress, annually for five years, on IMF
technical assistance activities and other efforts toward the policy
goals described by the bill." The vote was on passage. The House passed
the bill by a vote of 391-29. [House Vote 332,
10/25/21; Congressional
Quarterly, 10/25/21;
Congressional Actions, H.R.
4111]