Sec. 132. Report on importance of American financial strength for global leadership
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/bill/117/hr/3524/rh/section-132·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It is the sense of Congress that— the dominance of the dollar as the global reserve currency has yielded significant benefits to the United States and the American people by allowing the United States to maintain economic independence, better control its monetary policy, and finance government outlays; American global leadership has benefited from the United States monetary stability, creditworthiness, deep capital markets, and financial technology innovations; effective diplomacy and safeguarding of American national security rely on the United States role as the global financial leader, hub of global trade, and source of economic opportunity; by cracking down on dissent in the key financial center of Hong Kong, driving the creation of a technology focused stock exchange, and pushing forward a Central Bank digital currency, the People’s Republic of China is attempting to become the leading hub of finance in the world; and the United States must maintain its position as a global financial leader to continue its broader global leadership role around the world.
Not later than 180 days after the date of the enactment of this Act, the Secretary of State, in coordination with the Secretary of the Treasury, shall submit to the appropriate committees of Congress a report that— lists and examines the benefits to American foreign policy that derive from the United States financial leadership and the dollar’s status as the world’s global reserve currency; describes the actions taken by the People’s Republic of China that could cement China’s role as the world’s leading financial center; analyzes the possible impact on American national security and foreign policy were the yuan to supplant the dollar as the world’s leading reserve currency; outlines how the United States can work diplomatically with allies, partners, and other nations to preserve a financial system that is free, open, and fair; and identifies steps the United States can take to preserve its status as the world’s leading financial center and maintain the dollar’s position as the global reserve currency.
In this section, the term appropriate committees of Congress means— the Committee on Foreign Affairs of the House of Representatives; the Committee on Financial Services of the House of Representatives; the Committee on Foreign Relations of the Senate; and the Committee on Banking, Housing, and Urban Affairs of the Senate.