No Support for Terror ActThis bill establishes measures to prevent the allocation or use of certain funds to support genocide or terrorism.Specifically, the bill requires the Department of the Treasury to instruct the U.S. Executive Director at the International Monetary Fund (IMF) to oppose the allocation of Special Drawing Rights to any country that is a perpetrator of genocide or a state sponsor of terrorism and to advocate that the IMF adopt a rule prohibiting such an allocation. (Special Drawing Rights are international reserve assets created by the IMF to supplement member countries' official foreign exchange reserves.)Further, the bill requires Treasury, the Department of State, and the U.S. Agency for International Development to jointly review and report on assistance provided to nongovernmental organizations and international organization to ensure such assistance is not being provided to the Taliban or other terrorist organizations. Each prime awardee of this assistance must provide evidence that all subawardees are complying with U.S. anti-terrorism financing laws.
Impact
The proposed legislation will alter existing frameworks under the Bretton Woods Agreements Act by adding provisions that specifically guide how U.S. representatives at the IMF interact with allocations concerning these sensitive geopolitical issues. By firmly aligning financial governance with ethical considerations against genocide and terrorism, the bill reinforces the U.S. stance on international human rights. Furthermore, it mandates a review process of U.S. tax dollars funneled through various organizations to prevent any indirect financial support to entities like the Taliban or similar terrorist groups.
Summary
House Bill 462, known as the No Support for Terror Act, seeks to prevent allocations of Special Drawing Rights (SDRs) by the International Monetary Fund (IMF) to countries recognized as perpetrators of genocide or state sponsors of terrorism. The bill mandates that the Secretary of the Treasury instruct the U.S. Executive Director at the IMF to oppose such allocations and advocate for a rule prohibiting them. This legislative action is rooted in a commitment to uphold U.S. values against financial support to nations engaged in human rights abuses and terrorism.
Contention
The bill reflects a broader debate on the allocation of U.S. resources and the ethical implications of international financial support. Critics may argue that strict limitations on financial assistance can cripple humanitarian efforts in regions that need support. Conversely, proponents argue it is essential to ensure that American taxpayer money does not unintentionally support terror regimes or countries that violate human rights. Thus, the bill aims to balance the need for humanitarian aid against the imperative of national and international ethical standards.
To provide for a limitation on availability of funds for Department of State, International Organizations, Contributions to International Organizations for fiscal year 2024.
Hamas International Financing Prevention Act This bill imposes sanctions targeting Hamas, the Palestinian Islamic Jihad, and any affiliate or successor groups. The President must periodically report to Congress a list of each foreign person (individual or entity) that knowingly provides significant support or services to or is involved in a significant transaction with a senior member or supporter of the targeted groups. The President must impose two or more sanctions on the named persons. Specifically, the person may be (1) denied credit and services from the Export-Import Bank, (2) barred from purchasing certain controlled defense articles, (3) denied exports of items on the U.S. Munitions List, (4) prevented from receiving exports of certain goods or technology controlled for national security reasons, (5) prohibited from receiving financing of more than $10 million from any U.S. financial institution, or (6) subject to property-blocking restrictions. The President must periodically report to Congress a list of foreign governments that have repeatedly provided material support for the targeted groups' terrorist activities. The President shall bar these governments from receiving for one year (1) U.S. assistance, or (2) exports of controlled munitions. The Department of the Treasury must instruct U.S. leadership of international financial institutions to oppose providing assistance to an identified government for one year. The bill provides for certain exceptions and waivers, such as for transactions that would serve U.S. national interests. The President must report to Congress and periodically provide briefings on other specified topics related to the targeted groups, such as where these groups secure financing and surveillance equipment.