I 
117TH CONGRESS 
1ST SESSION H. R. 3506 
To support the role of the United States dollar as the primary global reserve 
currency, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 25, 2021 
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 Representa-
tives 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 REGARD-
ING THE DOLLAR. 
It is the policy of the United States to facilitate the 
position of the dollar as the primary global reserve cur-
rency, including through vigorous support of— 
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(1) deep, open, and transparent financial mar-
kets; 
(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 deploy-
ment 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 appro-
priate, 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 sub-
mit to the Committee on Financial Services of the House 
of Representatives and the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate a report that de-
scribes— 
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(1) the strategy established by the Secretary 
pursuant to subsection (a); 
(2) key measures taken by the Secretary to im-
plement the strategy; 
(3) any legislative recommendations that would 
strengthen the ability of the United States to ad-
vance 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 na-
tions, 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 inter-
national payments and foreign exchange reserves; 
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(2) assess currency-related policies in China, in-
cluding— 
(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 pay-
ment systems as tools to advance strategic ob-
jectives of the government of the People’s Re-
public of China; and 
(3) recommend policy options aimed at miti-
gating medium-term and long-term risks to the na-
tional 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. 
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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. 
Æ 
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