I 

118TH CONGRESS 

1ST SESSION H. R. 556 

To support the role of the United States dollar as the primary global reserve 

currency, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 26, 2023 

Mr. HILL (for himself and Mr. HIMES) introduced the following bill; which 

was referred to the Committee on Financial Services 

A BILL 

To support the role of the United States dollar as the 

primary global reserve currency, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘21st Century Dollar 

5 Act’’. 

6 SEC. 2. STATEMENT OF UNITED STATES POLICY REGARD7 ING THE DOLLAR. 

8 It is the policy of the United States to facilitate the 

9 position of the dollar as the primary global reserve cur10 rency, including through vigorous support of— 


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1 (1) deep, open, and transparent financial mar2 kets; 

3 (2) continuous improvements to domestic and 

4 international payment methods that facilitate dollar 

5 transactions; 

6 (3) sound macroeconomic governance and a 

7 rules-based system of international trade; and 

8 (4) clear and realistic objectives in the deploy9 ment of financial restrictions arising from national 

10 security considerations. 

11 SEC. 3. REPORT ON DOLLAR STRATEGY. 

12 (a) IN GENERAL.—The Secretary of the Treasury (in 

13 this Act referred to as the ‘‘Secretary’’) shall establish a 

14 strategy that implements the policy described in section 

15 2. 

16 (b) CONSULTATION.—The Secretary shall, as appro17 priate, consult with the Board of Governors of the Federal 

18 Reserve System when establishing the strategy pursuant 

19 to subsection (a). 

20 (c) REPORT.—Not later than 180 days after the date 

21 of the enactment of this section, the Secretary shall sub22 mit to the Committee on Financial Services of the House 

23 of Representatives and the Committee on Banking, Hous24 ing, and Urban Affairs of the Senate a report that de25 scribes— 


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1 (1) the strategy established by the Secretary 

2 pursuant to subsection (a); 

3 (2) key measures taken by the Secretary to im4 plement the strategy; 

5 (3) any legislative recommendations that would 

6 strengthen the ability of the United States to ad7 vance the policy described in section 2; 

8 (4) a description of efforts by major foreign 

9 central banks, including the People’s Bank of China, 

10 to create an official digital currency, as well as any 

11 risks to the national interest of the United States 

12 posed by such efforts; 

13 (5) the status of efforts to assess or develop an 

14 official United States digital currency by the Board 

15 of Governors of the Federal Reserve System; and 

16 (6) any implications for the strategy established 

17 by the Secretary pursuant to subsection (a) arising 

18 from the relative state of development of an official 

19 digital currency by the United States and other na20 tions, including the People’s Republic of China. 

21 (d) RENMINBI ASSESSMENT.—The report described 

22 in subsection (c) shall— 

23 (1) evaluate the role of the renminbi in inter24 national payments and foreign exchange reserves; 


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1 (2) assess currency-related policies in China, in2 cluding— 

3 (A) the provision of Chinese government4 backed assets; 

5 (B) the extension of credit abroad by the 

6 Chinese government; and 

7 (C) the development of cross-border pay8 ment systems as tools to advance strategic ob9 jectives of the Government of the People’s Re10 public of China; and 

11 (3) recommend policy options aimed at miti12 gating medium-term and long-term risks to the na13 tional interest of the United States that may arise 

14 as a result of the internationalization of the 

15 renminbi. 

16 (e) ANNUAL UPDATES.—After submitting an initial 

17 report in accordance with subsection (c), the Secretary 

18 shall submit, to the Committee on Financial Services of 

19 the House of Representatives and the Committee on 

20 Banking, Housing, and Urban Affairs of the Senate, an 

21 updated version of such report each year. 


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1 SEC. 4. SUNSET. 

2 Section 3 shall have no force or effect after the date 

3 that is 7 years after the date of the enactment of this 

4 Act. 

Æ 


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