WASHINGTON (March 26, 2028) – Senator John Kennedy (R-La.) today introduced the No Dollars for Dictators Act of 2025 to prevent state sponsors of terrorism and perpetrators of genocide from receiving American tax dollars via special drawing rights from the International Monetary Fund (IMF) without congressional approval.
“The Biden administration allowed China, Russia, Iran and Syria to collect billions of dollars from the IMF without ever consulting Congress. My bill would ensure that Congress has a say before the IMF doles out American tax dollars to countries that hate us,” said Kennedy.
Sens. John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Chuck Grassley (R-Iowa), Jim Justice (R-W. Va.) and Rick Scott (R-Fla.) cosponsored the bill.
“The Biden-Harris administration bypassed Congress and allocated unauthorized funds to oppressive nations like China, Russia, and Iran, which pose a clear threat to our security. The No Dollars for Dictators Act would prevent taxpayer money from supporting dictators under future administrations through the International Monetary Fund,” said Blackburn.
“Our enemies should not benefit from U.S. taxpayers, especially when they undermine our nation’s security. It’s time Congress steps in on behalf of the American people and puts an end to this reckless spending that supports dictators and terrorists,” said Justice.
“American taxpayers want their dollars to work in their best interests, not financially supporting dictators of dangerous and adversarial regimes like Communist China, Iran, Venezuela and more. Over the course of the Biden administration, the former president authorized billions of dollars to be funneled to these regimes through the International Monetary Fund (IMF) without a single act of Congress. President Trump is rightly putting Americans first and ensuring their tax dollars are providing a return for them. The No Dollars for Dictators Act will protect U.S. tax dollars from fueling the evils of dictators or terrorists who seek to destroy our way of life,” said Scott.
Background:
- In 2021, President Biden approved the largest-ever allocation of special drawing rights at the IMF totaling $650 billion. He did this without consent from Congress. Large portions of that allocation flowed to dictators and countries that actively oppose American interests and violate human rights.
- China alone received $38 billion in special drawing rights. Russia received $16 billion. Iran, Syria and Venezuela also received billions. Syria and Iran are state sponsors of terrorism.
- While some have claimed that special drawing rights offer the U.S. a no-cost way to assist poor countries, this is demonstrably false. This IMF allocation requires the U.S. to issue debt to cover the loans issued through special drawing rights. The U.S. must pay interest on that debt, and that interest would exceed any interest that the U.S. may receive on the loans it issues.
- There is no requirement that countries that receive loans from the U.S. through special drawing rights ever repay the principal. As a result, the financial burden of these loans falls on the U.S. taxpayer.
Text of the No Dollars for Dictators Act is here.
