Bill > HR5136

This bill establishes the Office of Strategic Currency Diplomacy within the Bureau for Commercial Diplomacy at the Department of State, with a comprehensive mandate to protect and promote the United States dollar's global financial dominance. The office will be responsible for combating efforts by strategic rivals to undermine the dollar's status as the world's reserve currency, partnering with allies to maintain the strength of U.S. dollar financial systems, and evaluating the implications of virtual assets for foreign policy and national security. Key responsibilities include serving as the principal advisor on policies to prevent reduction of the dollar's primary reserve currency status, coordinating with other federal agencies to develop strategic plans for protecting the dollar's preeminence, and monitoring global financial trends such as the proliferation of Central Bank Digital Currencies. The office will also act as a representative in international engagements related to virtual assets and dollar-denominated transactions, coordinate cross-agency programs abroad, and develop strategies to expand the percentage of international transactions and central bank holdings in U.S. dollars. Ultimately, the office aims to align U.S. foreign policy and monetary strategies to maintain national economic security.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/5136/all-info