Dollar Dominance Act of 2025

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5136 Introduced in House (IH)]

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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 
   Committee 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 jurisdiction 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 Representatives 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 responsible to the Assistant Secretary for 
Commercial Diplomacy 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 security;
            (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 departments and agencies, 
        including the Department of the Treasury, the Department of 
        Commerce, and the Office of the Director of National 
        Intelligence, that relate to the matters for which the Office 
        of Strategic Currency Diplomacy is responsible under this 
        section; and
            (6) such other related duties as the Assistant Secretary 
        for Commercial Diplomacy may from time to time designate.
    (b) Responsibilities.--In addition to being responsible for the 
matters described under subsection (a), the Office of Strategic 
Currency Diplomacy shall--
            (1) serve as the principal advisor to the Assistant 
        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 international 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 preeminence of 
                the United States dollar in international markets, with 
                findings to be included in the Department of State's 
                Biannual Economic Security Report; and
                    (B) programs and policies that expand the 
                percentage of--
                            (i) central bank foreign currency holdings 
                        in United States dollars; and
                            (ii) international transactions denominated 
                        in United States dollars;
            (3) act as the representative of the Secretary to Federal 
        departments and agencies in international engagements and 
        bilateral and multilateral engagements 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 Digital Currencies 
        in other nations to protect the preeminence of the United 
        States dollar and national economic security; and
            (5) perform each other related duty as the Assistant 
        Secretary for Commercial Diplomacy may from time to time 
        designate.
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