In a congressional hearing, White House economist Jared Bernstein says there’s “some evidence” that China wants the U.S. dollar to lose its status as the world’s reserve currency. However, U.S. Senator Bill Hagerty stressed that the biggest threat to the USD dominance comes from within.
China Wants to See U.S. Dollar Losing World’s Reserve Currency Status, Says Bernstein
White House economist Jared Bernstein answered some congressional questions about the U.S. dollar’s status as the world’s reserve currency before the Senate Banking Committee on Tuesday during a hearing on his nomination to be chairman of the Council of Economic Advisers.
Bernstein, a current member of the White House Council of Economic Advisers, previously served as chief economist to then-Vice President Joe Biden in the Obama-Biden Administration before joining the Center on Budget and Policy Priorities, where he served as a senior fellow from 2011 to 2021.
During the hearing, Senator Bill Hagerty (R-TN) noted efforts by several countries that threaten the status of the U.S. dollar as the…