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SRES 713

A resolution supporting the United States dollar as the reserve currency of the world and combating the economic influence of the People's Republic of China.

119th Congress Introduced by Ted Budd and 1 co-sponsor

The bill reaffirms the USD as the world’s reserve currency and outlines a strategy to counter China’s efforts to erode that status.

Submitted in Senate
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WeVote Research Nonpartisan
Bill Summary · SRES 713

Summary: Senate Resolution S. Res. 713 (113th Congress) – Supporting the U.S. dollar as the world’s reserve currency and countering PRC economic influence

Note: This is a non-binding Senate resolution, expressing sense of the Senate rather than establishing new law or authorizing spending.

1) Purpose and intent

  • The primary aim is to affirm the role of the United States dollar (USD) as the world’s reserve currency and to counter the economic influence of the People’s Republic of China (PRC).
  • The resolution asserts that the USD underpins global commerce and finance due to:
    • Stable, rule-of-law-based legal system
    • Democratic government institutions
    • Highly liquid, reliable capital markets
    • Robust domestic economy and deep global trade relationships
    • Commitment to market-based, free-floating exchange rates and independent monetary policy
  • It also calls for monitoring and responding to PRC efforts to undermine the dollar’s status and to promote alternative global financial infrastructures and currency internationalization.

2) Key provisions and changes

The bill enumerates several factual findings and statements of policy (non-binding) and then articulates four main sense-of-the-Senate points:

  • Assertion of USD’s indispensable role in global finance and as a cornerstone of the international monetary system.
  • Concern about PRC actions intended to diminish the USD’s reserve-currency status, and the need to counter those efforts.
  • Emphasis on strengthening U.S. economic ties with critical regions of the world to offer alternatives to PRC capital and investment.
  • Call for continued collaboration with allies to promote economic policies that foster growth and stability in developing countries.

Specific factual statements highlight:
- Historical and recent shares of global currency reserves (USD ~71% in 1999, 56.82% by Q3 2025; RMB ~1.93% in Q3 2025).
- PRC concerns: shadow reserves, non-market fixed exchange rate undervaluing the yuan, exchange-rate interventions to limit yuan appreciation.
- Belt and Road Initiative (BRI) financing scale (e.g., $213.5 billion in 2025; over $1 trillion invested since 2013).
- PRC initiatives to expand financial influence: the digital yuan (central bank digital currency), export subsidies, and leadership of BRICS discussions on alternatives to the dollar.
- Growth in yuan-denominated trade and sovereign/central-bank swap arrangements (e.g., RMB swap lines totaling about 4.5 trillion yuan (~$630 billion) to 32 central banks).
- Development of PRC-controlled Cross-Border Interbank Payment System (CIPS) as an alternative to SWIFT.

3) Who or what would be affected

  • The resolution targets U.S. policy directions rather than creating new authorities or funding.
  • It signals that the United States should:
    • Monitor and counter PRC efforts to challenge USD dominance.
    • Strengthen economic ties with regions and countries to provide viable alternatives to PRC investment.
    • Coordinate with allies on macroeconomic policy to support growth and stability in developing nations.
  • No direct legal changes or programmatic costs are specified; the impact is diplomatic and strategic, guiding future policy and interagency considerations.

4) Procedural and timeline aspects

  • Introduced in the 119th Congress (April 30, 2026) by Senator Budd, with Senator Shaheen as a co-sponsor.
  • Referred to the Senate Committee on Foreign Relations for consideration.
  • As a resolution, it is a declarative/expressive measure reflecting congressional sentiment rather than binding law or spending authorization.

Bottom line

S. Res. 713 is a non-binding statement of policy affirming the USD’s role as the world’s reserve currency and outlining a strategy to counter PRC efforts to erode that status. It emphasizes strengthening U.S. alliances, broadening economic ties to developing regions, and supporting alternatives to Chinese capital and financial infrastructure.

Compiled from official sources — confirm details with the bill’s official record.

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