21st Century Dollar Act

Subjects: Foreign Trade and International Finance, Asia, China, Congressional oversight, Currency, Digital media, Foreign and international banking, International monetary system and foreign exchange

Summary:  <p><b>21st Century Dollar Act</b></p> <p>This bill requires the Department of the Treasury to establish a strategy to facilitate the position of the dollar as the primary global reserve currency.</p> <p>Treasury must submit a report that includes (1) steps taken to implement this strategy, legislative recommendations, and efforts by major foreign central banks to create an official digital currency; and (2) an evaluation of the role of the renminbi (the official currency of China) in international payments and foreign exchange reserves.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 556 Introduced in House (IH)]

&lt;DOC&gt;






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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``21st Century Dollar Act''.

SEC. 2. STATEMENT OF UNITED STATES POLICY REGARDING THE DOLLAR.

    It is the policy of the United States to facilitate the position of 
the dollar as the primary global reserve currency, including through 
vigorous support of--
            (1) deep, open, and transparent financial markets;
            (2) continuous improvements to domestic and international 
        payment methods that facilitate dollar transactions;
            (3) sound macroeconomic governance and a rules-based system 
        of international trade; and
            (4) clear and realistic objectives in the deployment of 
        financial restrictions arising from national security 
        considerations.

SEC. 3. REPORT ON DOLLAR STRATEGY.

    (a) In General.--The Secretary of the Treasury (in this Act 
referred to as the ``Secretary'') shall establish a strategy that 
implements the policy described in section 2.
    (b) Consultation.--The Secretary shall, as appropriate, consult 
with the Board of Governors of the Federal Reserve System when 
establishing the strategy pursuant to subsection (a).
    (c) Report.--Not later than 180 days after the date of the 
enactment of this section, the Secretary shall submit to the Committee 
on Financial Services of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate a report that 
describes--
            (1) the strategy established by the Secretary pursuant to 
        subsection (a);
            (2) key measures taken by the Secretary to implement the 
        strategy;
            (3) any legislative recommendations that would strengthen 
        the ability of the United States to advance the policy 
        described in section 2;
            (4) a description of efforts by major foreign central 
        banks, including the People's Bank of China, to create an 
        official digital currency, as well as any risks to the national 
        interest of the United States posed by such efforts;
            (5) the status of efforts to assess or develop an official 
        United States digital currency by the Board of Governors of the 
        Federal Reserve System; and
            (6) any implications for the strategy established by the 
        Secretary pursuant to subsection (a) arising from the relative 
        state of development of an official digital currency by the 
        United States and other nations, including the People's 
        Republic of China.
    (d) Renminbi Assessment.--The report described in subsection (c) 
shall--
            (1) evaluate the role of the renminbi in international 
        payments and foreign exchange reserves;
            (2) assess currency-related policies in China, including--
                    (A) the provision of Chinese government-backed 
                assets;
                    (B) the extension of credit abroad by the Chinese 
                government; and
                    (C) the development of cross-border payment systems 
                as tools to advance strategic objectives of the 
                Government of the People's Republic of China; and
            (3) recommend policy options aimed at mitigating medium-
        term and long-term risks to the national interest of the United 
        States that may arise as a result of the internationalization 
        of the renminbi.
    (e) Annual Updates.--After submitting an initial report in 
accordance with subsection (c), the Secretary shall submit, to the 
Committee on Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate, an 
updated version of such report each year.

SEC. 4. SUNSET.

    Section 3 shall have no force or effect after the date that is 7 
years after the date of the enactment of this Act.
                                 &lt;all&gt;
</pre></body></html>