Press Releases

Financial Services Committee Republican Leaders Demand Chair Waters Markup GOP Proposals to Counter Putin

Washington, March 8, 2022 -

Today, House Financial Services Committee Republican Leaders— Ranking Member Patrick McHenry (NC-10), Rep. Andy Barr (KY-06), Rep. Ann Wagner (MO-02), Rep. French Hill (AR-02), and Rep. Bill Huizenga (MI-02)—sent a letter to Chairwoman Maxine Waters (CA-43). The letter demands Chair Waters include Republican proposals to further isolate the Putin regime from the international financial system in this month’s markup. As Russia’s unprovoked invasion of Ukraine continues, it is critical for this Committee to advance legislation to impose real costs on Putin.

Read the full letter to Chair Waters here or below:

“Dear Chairwoman Waters:

“As the Russian invasion of Ukraine enters its second week, it is clear the United States’ national security interests and those of our allies are threatened. It is imperative that Congress send a strong message to the Putin regime to persuade it to change its calculations and put an end to Russia’s destabilizing activities in the region. The four bills outlined below, together, provide a strong counter to Russia’s destabilizing efforts. We therefore ask that you include these bills in the upcoming markup on March 16, 2022.

1. No Energy Revenues for Russian Hostilities Act (Rep. Barr)

Prevents hard currency from supporting the Putin regime by prohibiting U.S. financial institutions from engaging in transactions related to Russian energy, and provides a model for U.S. allies to ensure that energy sales can only be used for peaceful purposes.

2. Isolate Russian Government Officials Act (Rep. Wagner)

Excludes Russian government officials from attendance at the World Bank/IMF Spring and Annual Meetings, G-20 proceedings, Financial Action Task Force plenaries, and Annual General Meetings of the Bank for International Settlements.

3. Russia and Belarus SDR Exchange Prohibition Act (Rep. Hill)

Deprives Russia and Belarus of emergency liquidity by calling for the U.S. and relevant IMF member countries to prevent Russia and Belarus from exchanging Special Drawing Rights for hard currency, while prohibiting the issuance of new SDRs for the Putin and Lukashenko dictatorships.

4. Russian Sovereign Debt Prohibition Act (Rep. Huizenga)

Pressures Russia’s financial system and closes a loophole in Russian sovereign bond restrictions by prohibiting secondary market dealings in debt that was issued prior to March 1.

“For your convenience, we’ve attached the text of the legislation. We believe these measures can achieve broad bipartisan support and signal Congress’s unity against Russia’s militarism in Ukraine. We appreciate your attention to this matter.”



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