A resolution supporting the United States dollar as the reserve currency of the world and combating the economic influence of the People's Republic of China.

Key Points

• This resolution states that the Senate should prioritize keeping the U.S. dollar as the main currency used for global trade. It points out that the dollar's share of global savings has dropped from 71 percent in 1999 to about 57 percent today.
• The proposal highlights concerns about China's efforts to create its own financial system. This includes China's digital currency and its Belt and Road projects, which have invested over 1 trillion dollars in other countries to gain influence.
• It warns that if other countries stop using the dollar, the U.S. could lose its ability to use financial pressure to prevent international conflicts. For example, China is building a payment system that bypasses the traditional global banking network.
• The resolution calls for the U.S. to build stronger economic bonds with other nations to offer an alternative to Chinese investments. It also suggests working with allies to help developing countries grow without relying on debt from China.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.