I 
119TH CONGRESS 
1ST SESSION H. R. 5136 
To establish the Office of Strategic Currency Diplomacy in the Department 
of State. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 4, 2025 
Mr. DAVIDSON introduced the following bill; which was referred to the Com-
mittee on Foreign Affairs, and in addition to the Committee on Financial 
Services, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To establish the Office of Strategic Currency Diplomacy in 
the Department of State. 
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 ‘‘Dollar Dominance Act 
of 2025’’. 
SEC. 2. OFFICE OF STRATEGIC CURRENCY DIPLOMACY. 
(a) ESTABLISHMENT.—There shall be in the Bureau 
for Commercial Diplomacy of the Department of State an 
Office of Strategic Currency Diplomacy, which shall be re-
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sponsible to the Assistant Secretary for Commercial Diplo-
macy for all matters pertaining to— 
(1) combatting efforts by strategic rivals and 
adversaries to undermine the use of the United 
States dollar as the world’s reserve currency; 
(2) partnering with allies to ensure the strength 
and integrity of U.S.-dollar denominated payment 
and financial systems; 
(3) evaluating the implications of virtual assets 
for United States foreign policy and national secu-
rity; 
(4) aligning United States foreign policy, and in 
particular the use of sanctions to advance foreign 
policy and national security objectives, with national 
monetary security; 
(5) where appropriate, leading the coordination 
of programs carried out abroad by Federal depart-
ments and agencies, including the Department of the 
Treasury, the Department of Commerce, and the Of-
fice of the Director of National Intelligence, that re-
late to the matters for which the Office of Strategic 
Currency Diplomacy is responsible under this sec-
tion; and 
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(6) such other related duties as the Assistant 
Secretary for Commercial Diplomacy may from time 
to time designate. 
(b) RESPONSIBILITIES.—In addition to being respon-
sible for the matters described under subsection (a), the 
Office of Strategic Currency Diplomacy shall— 
(1) serve as the principal advisor to the Assist-
ant Secretary for Commercial Diplomacy regarding 
the development and implementation of policies to 
prevent a reduction in the use of the United States 
dollar as the primary reserve currency in inter-
national markets; 
(2) coordinate with the Department of the 
Treasury, the Department of Commerce, the Office 
of the Director of National Intelligence, and other 
Federal departments and agencies to develop— 
(A) strategic plans to protect the pre-
eminence of the United States dollar in inter-
national markets, with findings to be included 
in the Department of State’s Biannual Eco-
nomic Security Report; and 
(B) programs and policies that expand the 
percentage of— 
(i) central bank foreign currency hold-
ings in United States dollars; and 
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(ii) international transactions denomi-
nated in United States dollars; 
(3) act as the representative of the Secretary to 
Federal departments and agencies in international 
engagements and bilateral and multilateral engage-
ments related to expanding the use of virtual assets 
and virtual asset service providers (including United 
States dollar payment stable coins); 
(4) monitor and develop strategies to counter 
the proliferation and adoption of Central Bank Dig-
ital Currencies in other nations to protect the pre-
eminence of the United States dollar and national 
economic security; and 
(5) perform each other related duty as the As-
sistant Secretary for Commercial Diplomacy may 
from time to time designate. 
Æ 
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