A resolution supporting the United States dollar as the reserve currency of the world and combating the economic influence of the People's Republic of China.
- Bill Number
- S.Res. 713
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 2
- Policy Area
- International Affairs
- Status
- Introduced
- Latest Action
- 2026-04-30: Referred to the Committee on Foreign Relations. (text: CR S2176-2177)
- Last Updated
- 2026-05-06T20:48:32Z
AI-Generated Summary
Summary of S. Res. 713 (119th Congress, 2d Session)
Purpose
This Senate resolution expresses the Senate's view that the United States should protect the dominant role of the U.S. dollar as the world's reserve currency (the primary currency held by governments and institutions for international transactions) while countering efforts by the People's Republic of China (PRC) to increase its economic influence globally.
Key Provisions
The resolution includes extensive background "Whereas" clauses highlighting:
- The strengths of the U.S. dollar, such as its ties to a stable legal system, democratic institutions, liquid markets, and free-floating exchange rates.
- Declining U.S. dollar share in global reserves (from 71% in 1999 to 56.82% in Q3 2025) and the low share of China's renminbi (1.93%).
- PRC practices like undervaluing its currency (yuan), intervening in forex markets, opaque lending via the Belt and Road Initiative (over $1 trillion invested since 2013), digital yuan development, BRICS expansion, and building alternatives to U.S.-led systems (e.g., CIPS as a SWIFT rival).
The core "Resolved" sense of the Senate states:
- The U.S. must protect the dollar's reserve status and global financial role.
- Monitor and counter PRC efforts to undermine the dollar.
- Strengthen U.S. economic ties in key regions as alternatives to PRC capital.
- Collaborate with allies on policies promoting growth and stability in developing countries.
Significant Changes to Existing Law
None. This is a non-binding sense of the Senate resolution, which expresses congressional opinion but does not create enforceable law or amend statutes.
Potential Impacts
- Government agencies: May encourage the U.S. Treasury, Federal Reserve, and State Department to prioritize dollar defense and counter-PRC strategies in policy and diplomacy.
- Citizens: Indirectly supports U.S. economic stability by reinforcing dollar dominance, potentially affecting trade, inflation, and jobs.
- International relations: Signals U.S. opposition to PRC financial expansion, straining ties with China while bolstering alliances; could influence developing nations' debt and investment choices.
Main Stakeholders Affected
- U.S. government and financial institutions (e.g., Treasury, Federal Reserve).
- PRC and its institutions (e.g., People's Bank of China, Belt and Road participants).
- Developing countries reliant on PRC lending or U.S.-led finance.
- U.S. allies and partners in trade and security (e.g., via strengthened economic ties).
- Global bodies like IMF, World Bank, and SWIFT.
Notable Legal, Constitutional, or Political Implications
- Legal/Constitutional: Aligns with Congress's oversight role in foreign commerce (Article I, Section 8) but lacks binding force.
- Political: Bipartisan sponsorship (Republican Sen. Budd and Democratic Sen. Shaheen) underscores rare consensus on China competition; referred to Foreign Relations Committee, it may shape debates on sanctions, trade policy, or digital currency regulation without mandating action.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (1)
Recent Actions
- 2026-04-30: Referred to the Committee on Foreign Relations. (text: CR S2176-2177)
- 2026-04-30: Submitted in Senate
Bill Versions
- Supporting the United States dollar as the reserve currency of the world and combating the economic influence of the People’s Republic of China. — issued 2026-04-30 — PDF (6 pages)