Lafayette Reporter

Sen. John Kennedy (R-La.) has introduced the No Dollars for Dictators Act in an effort to prevent perpetrators of genocide and state sponsors of terrorism from receiving special drawing rights through the International Monetary Fund (IMF) without congressional authorization. This comes after President Biden approved the largest-ever allocation of special drawing rights in 2021, totaling $650 billion, without the consent of Congress.

"The Biden administration already green-lit a 2021 deal that sent $4.5 billion to Iran and another $54 billion to China and Russia. Congress can't afford to let this White House and Secretary Yellen do it again," said Sen. Kennedy.

The No Dollars for Dictators Act aims to stop the Biden administration from bypassing Congress and providing financial support to oppressive regimes. Sen. Kennedy argues that these countries actively work against American interests and violate human rights, and it is unfair for U.S. taxpayers to fund terrorists and dictators.

The IMF distributes special drawing rights based on each country's economic standing in the global economy. Consequently, the wealthiest countries received the largest allocations of special drawing rights in 2021. China alone received $38 billion, and Russia received $16 billion. Additionally, billions of dollars were sent to Iran, Syria, and Venezuela. Syria and Iran are both recognized as state sponsors of terrorism.

While some argue that special drawing rights provide a no-cost way for the U.S. to assist poorer countries, Sen. Kennedy disputes this claim. He highlights that the U.S. must issue debt to cover the loans issued through special drawing rights, resulting in interest payments that surpass any interest received on the loans. Furthermore, there is no requirement for countries to repay the principal, placing the financial burden on U.S. taxpayers.

The No Dollars for Dictators Act seeks to address these concerns and ensure that taxpayer money is not sent to countries that undermine America's security and success. The bill aims to prevent the Biden administration from circumventing Congress and making decisions that support oppressive and violent regimes.

The text of the No Dollars for Dictators Act can be found [here](https://examplelink.com).

For additional details, please follow this link: https://www.kennedy.senate.gov/public/press-releases?ID=E68C1B47-C2E6-4BB2-9E5D-FC06734E718A