House Fin Cmtte Hearing On Preserving US Dollar's Global Reserve Status

10:00 ET 15:00 BST: The House Financial Services Committee will shortly meet to conduct a hearing on threats to the US dollar’s global reserve status and consider legislation designed to strengthen the dollar.

• Livestream and hearing detail: LINK
• The Republican majority on the committee said in a memorandum: “The USD’s reserve status… provides the U.S. with a powerful national security tool: economic sanctions… However, some warn that overuse of financial sanctions, particularly unilateral (meaning, U.S.-only) sanctions, could threaten the central role of the USD and U.S. financial system.” Hearing Memorandum
• Memorandum: “There are also concerns that the U.S. banking turmoil, the unsustainable federal spending trajectory, and skyrocketing inflation both domestic and global are making dollar-based assets less attractive.”
• The committee will consider two pieces of legislation: “H.R. 556, the ‘21st Century Dollar Act’ This bill establishes a U.S. policy to facilitate the position of the dollar as the primary global reserve currency and requires an assessment of China’s currency-related policies.”
• “H.R. 804, the ‘Chinese CBDC Prohibition Act’ This bill would prohibit U.S. money service businesses from engaging in transactions involving China’s central bank digital currency.”