WASHINGTON, D.C.—Today, following the horrific attacks by Iran-backed Hamas terrorists on innocent Israelis and Americans, Senator Rick Scott announced the reintroduction of his IMF Accountability Act, which would prevent the International Monetary Fund (IMF) from allocating Special Drawing Rights (SDR) or providing increased lending to Iran, Communist China, Russia, the Taliban Government of Afghanistan, North Korea, Cuba, Venezuela and Nicaragua. The Biden administration has supported a record $650 billion SDR allocation, of which $17.5 billion went to Russia, $22 billion to Communist China and $3.5 billion to Iran. Senator Ted Cruz joined Senator Scott in introducing this legislation.

Senator Rick Scott said, “Financing countries that commit human rights abuses, fund terrorism and threaten our fellow democracies goes against everything we stand for as a nation. Iran is the world’s largest state sponsor of terror and we all know it was behind the horrific October 7^th terror attack on Israel that took more than 1,400 innocent lives, including the lives of 33 Americans. As Iran-backed Hamas holds hundreds of hostages in Gaza, including Americans, and continues attacks against Israel, the United States must act. We must send a clear message to these terror sponsors and evil regimes across the world: the free ride is over, you are cut off. My bill, the IMF Accountability Act, will prohibit U.S. representatives to the IMF from supporting the world’s tyrannical regimes and benefitting from the economic strength of America and our partners and allies. I thank Senator Cruz for his support and urge the Senate to immediately pass this crucial and timely legislation.”  

Senator Ted Cruz said, “Hostile actors and rogue regimes use IMF Special Drawing Rights to bolster their economies and reserves. This ability directly undermines American efforts to hold such regimes accountable through sanctions, and therefore the safety and security of Americans. It is long past time for the United States to counter these tactics.”  

The IMF created the SDR as an international reserve asset to supplement member countries’ official reserves and distributes these assets based on each country’s IMF quota. Member countries receive SDRs and can exchange them for U.S. dollars or the currencies of other IMF members. As Iran-backed Hamas terrorists attack Israel and Russia continues to wage war against Ukraine, the IMF Accountability Act will send a clear message that the United States does not support bankrolling countries led by tyrannical dictators that commit human rights abuses and threaten democracies.

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