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To establish the Office of Strategic Currency Diplomacy in the Department of State.
Summary
This bill establishes an Office of Strategic Currency Diplomacy within the State Department's Bureau for Commercial Diplomacy. The office will work to protect the status of the U.S. dollar as the world's primary reserve currency and coordinate with federal agencies including Treasury and Commerce on currency-related diplomatic efforts. It will monitor and counter efforts by rival nations to reduce reliance on the U.S. dollar and will work with allies to strengthen dollar-based financial systems. The office will also evaluate the implications of virtual assets and central bank digital currencies for U.S. national security and foreign policy.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (2)
- Sep 4, 2025 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. · house
- Sep 4, 2025 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
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. <all>
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