2022: Schweikert 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, Schweikert 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: Schweikert 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, Schweikert 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]