FEDERALhearing transcript

Congressional Hearing on the Future of the U.S. Dollar as a Global Reserve Currency

Original title: DOLLAR DOMINANCE: PRESERVING THE U.S. DOLLAR'S STATUS AS THE GLOBAL RESERVE CURRENCY

January 1, 2023

economy international finance national security US dollar global trade

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The Frame

What this does

This hearing serves as a formal record of expert testimony and legislative inquiry into the economic and national security implications of the U.S. dollar's global standing, which influences international trade costs, borrowing rates, and U.S. geopolitical leverage.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

U.S. Taxpayers

The status of the U.S. dollar affects the cost of government borrowing and the purchasing power of the currency in international markets.

International Investors

Changes in the dollar's status as a reserve currency impact the value and stability of assets held in U.S. dollars.

What changed

Last recorded activity January 1, 2023.

What's next

Next step not available in the current record.

Summary

The House on National Security, Illicit Finance, and International Financial Institutions held a hearing on June 7, 2023, to discuss the status of the U.S. dollar in the global economy. Experts and committee members examined the factors that maintain the dollar's role as the primary and potential challenges to that status.

Key Facts

The hearing took place on June 7, 2023, in the Rayburn House Office Building.
The hearing focused on the U.S. dollar's status as the global reserve currency.
Five expert witnesses provided testimony regarding the dollar's global role.
The subcommittee received written statements from witnesses and additional materials for the record, including reports from Moody's Investors Service and Bloomberg Opinion.
The hearing record includes written responses to questions for the record submitted to witnesses Michael Faulkender, Daniel McDowell, and Carla Norrlof.

Frequently Asked Questions

What is a global reserve currency?

A is a currency held in significant quantities by governments and institutions as part of their foreign exchange reserves, commonly used for international trade and financial transactions.

What was the purpose of this hearing?

The purpose was to gather expert testimony and discuss the factors that preserve the U.S. dollar's dominance in the global financial system and the potential risks to that status.

Why It Matters

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Focus on Dollar Dominance

The hearing indicates a formal legislative interest in the long-term viability of the U.S. dollar as the global reserve currency amidst emerging economic challenges.

Committee on Financial Services

Connected Entities

personDaniel McDowell“Witness, Professor at Syracuse University”Map →

personCarla Norrlof“Witness, Professor at University of Toronto”Map →

personTyler Goodspeed“Witness, Fellow at Hoover Institution”Map →

personMichael Faulkender“Witness, Professor at University of Maryland”Map →

personMarshall Billingslea“Witness, Senior Fellow at Hudson Institute”Map →

personBlaine Luetkemeyer“Chairman of the Subcommittee on National Security, Illicit Finance, and Internat”Map →

organizationCommittee on Financial Services“Parent committee of the subcommittee”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance60
How much this matters to a regular citizen
Controversy20
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz15
Current news / social attention level

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