Special Drawing Rights Oversight Act of 2023

HR 605, the Special Drawing Rights Oversight Act of 2023, requires the U.S. government to seek congressional approval before allocating IMF reserve assets (SDRs) to certain countries. It strengthens oversight by extending consultation periods with Congress from 90 to 180 days, requiring 25% of U.S. IMF quotas to be considered in decisions, and adding new prohibitions: no SDR allocations may be made to countries the President identifies as having committed genocide or repeatedly supported international terrorism without specific congressional authorization. The bill directly affects the U.S. Treasury and President, who currently have authority to approve such allocations without Congress. This changes current practice, which allows unilateral Treasury decisions that could provide billions in unconditional liquidity to countries like China, Russia, Iran, and Venezuela.