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
To establish the Office of Strategic Currency Diplomacy in the Department of State.
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.