IN THE SENATE OF THE UNITED STATES
July 29, 2021
Mr. Hagerty (for himself, Mr. Warner, Ms. Lummis, Mr. Cramer, Mr. Grassley, Mr. Cruz, Mr. Scott of Florida, Mr. Braun, and Mr. Young) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations
To require a study on the national security implications of the People’s Republic of China's efforts to create an official digital currency.
Study on the creation of an official digital currency by the People's Republic of China
Not later than one year after the date of the enactment of this Act, the President shall submit to the appropriate committees of Congress a report on the short-, medium-, and long-term national security risks associated with the creation and use of the official digital renminbi of the People's Republic of China, including—
risks arising from potential surveillance of transactions;
risks related to security and illicit finance; and
risks related to economic coercion and social control by the People’s Republic of China.
Form of report
The report required by subsection (a) shall be submitted in unclassified form but may include a classified annex.
Appropriate committees of Congress defined
In this section, the term appropriate committees of Congress means—
the Committee on Banking, Housing, and Urban Affairs, the Committee on Foreign Relations, the Committee on Appropriations, and the Select Committee on Intelligence of the Senate; and
the Committee on Financial Services, the Committee on Foreign Affairs, the Committee on Appropriations, and the Permanent Select Committee on Intelligence of the House of Representatives.