Watch Kennedy’s comments here.

WASHINGTON – Senate Democrats today blocked Sen. John Kennedy’s (R-La.) amendment to the National Defense Authorization Act to prohibit allocations of special drawing rights at the International Monetary Fund (IMF) from going to perpetrators of genocide and state sponsors of terrorism unless Congress authorizes the allocation.

“The Biden administration shouldn’t be able to force U.S. taxpayers to line the pockets of Xi Jinping and other American adversaries. President Biden already green-lit a deal that bankrolled China and Iran.

“Congress is responsible for stewarding taxpayer money, and this amendment would have stopped the Biden administration from making an end run around the Constitution on behalf of the world’s worst dictators. Oppressive, hostile regimes work to undermine America’s safety and success every day, but the White House and Senate Democrats shouldn’t be helping them,” said Kennedy. 

President Biden previously agreed to a general allocation of special drawing rights at the IMF totaling $650 billion without consent from Congress. Large portions of that allocation flowed to dictators and countries that actively oppose American interests and violate human rights.

Background

The IMF distributes special drawing rights according to each country’s economic standing in the global economy. That means the world’s wealthiest countries received the most special drawing rights of all IMF members regardless of their hostility towards the U.S. or American interests. 

In August 2021, the IMF doled out more money in one general allocation than ever before. The $650 billion outlay of IMF special drawing rights, which are backed by the U.S. Treasury, sent money to America’s enemies. Iran gained access to about $4.5 billion through the deal, and China had a windfall of $40 billion. 

Text of Kennedy’s amendment is here.