Sen. John Kennedy (R., La.) will introduce a bill Wednesday afternoon that aims to cut off dictators’ finances through the Treasury department.
The legislation, which will be filed as an amendment to the Endless Frontier Act, a massive China package pushed by Senate majority leader Chuck Schumer (D., N.Y.), would restrict cash that rogue regimes withdraw through the International Monetary Fund. Through reserve assets known as “special drawing rights,” dictators have been able to draw billions from the international financial organization to alleviate financial pressures often created by U.S. sanctions.
Kennedy’s amendment would prohibit special drawing rights for countries found to have committed genocide or sponsored terrorism without authorization from Congress. Both China and Iran qualify as regimes that fall under the bill’s jurisdiction.
Kennedy, a member of the Senate banking committee, told the Washington Free Beacon that the vote will measure how seriously his colleagues take the challenge posed by China.
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