H.R. 462: No Support for Terror Act

This bill, titled the No Support for Terror Act, aims to prevent certain forms of international financial support from being allocated to countries recognized as perpetrators of genocide or as sponsors of terrorism. It includes two main provisions.

Preventing Allocations of Special Drawing Rights

The first provision addresses the allocation of Special Drawing Rights (SDRs) at the International Monetary Fund (IMF). The bill proposes that:

• The Secretary of the Treasury should instruct the United States Executive Director at the IMF to oppose any allocation of SDRs to countries classified as either perpetrators of genocide or state sponsors of terrorism, as determined by the Secretary of State.
• The United States should advocate for the IMF to adopt a rule that prohibits such allocations altogether.

Preventing U.S. Tax Dollars from Reaching Terrorist Organizations

The second provision focuses on ensuring that U.S. tax dollars do not support groups like the Taliban or other terrorist organizations. This involves several steps:

• The Secretary of the Treasury, Secretary of State, and the Administrator of the United States Agency for International Development (USAID) are tasked with conducting a review of assistance provided to non-governmental and international organizations. The goal is to ensure that none of this assistance is being given to any terrorist groups or countries that harbor them, in compliance with U.S. anti-terrorism financing laws.
• They are required to submit a report to Congress within 90 days of the bill's enactment, detailing the results of this review.
• Additionally, within 180 days of enactment, the above officials must require that primary recipients of any assistance can demonstrate that all sub-recipients are following U.S. anti-terrorism financing laws.

Summary

Essentially, this legislation seeks to ensure that U.S. financial assistance does not inadvertently support nations or organizations engaged in harmful activities, especially those linked to terrorism or severe human rights violations.

Relevant Companies

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