U.S. Senate Committee on Foreign Relations

04/30/2026 | Press release | Distributed by Public on 04/30/2026 17:48

Shaheen, Budd Lead Resolution to Maintain U.S. Dollar Reserve Currency Status as China Competes for Global Financial Influence

WASHINGTON - Today, U.S. Senators Jeanne Shaheen (D-NH), Ranking Member of the Senate Foreign Relations Committee, and Ted Budd (R-NC) reintroduced their bipartisan resolution in support of the United States dollar maintaining its status as the world's reserve currency. Additionally, the resolution affirms the need to keep the U.S. dollar at the forefront of global financial systems as the People's Republic of China (PRC) continues its concentrated efforts to internationalize the Yuan and expand their influence in developing nations.

"Maintaining the United States dollar as the global reserve currency is important not only for the long-term stability and prosperity of the American economy, but it is also crucial for maintaining America's national security. As China continues to attempt to undermine the global currency system, this Senate resolution sends a bipartisan message that the United States must prioritize maintaining the U.S. dollar as the global reserve currency. After America's standing as a reliable economic partner has been shaken by haphazard tariff rollouts and self-imposed volatility, it is imperative that Congress demonstrate the United States' willingness to remain a lynchpin in the global financial system," said Senator Shaheen.

"Continued cooperation and sustained success in international trade rely on the U.S. dollar maintaining its status as the global reserve currency. For years, the PRC has sought to expand its global financial influence, targeting the economic and national security of the United States and our partners. Allowing China to drive global currency flows and create alternative financial infrastructure would be a policy failure that could fragment the world economy, threatening the continued growth of free markets, especially in developing nations. The US dollar must preserve its internationally stabilizing and prosperity-enabling role," said Senator Budd.

Read the full bill text HERE.

BACKGROUND

Senator Budd and Shaheen previously introduced the bipartisan resolution in 2023, during the 118th Congress.

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U.S. Senate Committee on Foreign Relations published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 23:48 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]