Congressional Budget Office Cost Estimate: H.R. 6899, Russia and Belarus SDR Exchange Prohibition Act of 2022 [August 9, 2022]   [open pdf - 156KB]

From the Document: "H.R. 6899 would prohibit the Department of the Treasury from exchanging U.S. dollars for Special Drawing Rights (SDR) held by Russia or Belarus. SDR are an international reserve asset of the International Monetary Fund (IMF) that are distributed to each member country. The act would direct the department to encourage other IMF members to follow suit and to oppose any non-humanitarian assistance for Russia and Belarus provided by international financial institutions such as the IMF and World Bank. On the basis of information about the costs of similar diplomatic efforts to influence the actions of other nations, CBO [Congressional Budget Office] estimates that implementing H.R. 6899 would cost less than $500,000 over the 2022-2027 period. Such spending would be subject to the availability of appropriated funds. On April 22, 2022, CBO transmitted a cost estimate for H.R. 6899, the Russia and Belarus SDR Exchange Prohibition Act of 2022, as ordered reported by the House Committee on Foreign Affairs on March 17, 2022. The two versions of the act are similar, and CBO's estimates of their budgetary effects are the same."

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