Washington, D.C. — Senators Ted Budd (R-NC) and Jeanne Shaheen (D-NH) have led a bipartisan coalition to introduce a pair of resolutions designed to counter Chinese influence in South America and internationally.
The first resolution aims to bolster support and grow the strength of the US dollar as the world’s reserve currency. It is co-sponsored by Senators Marco Rubio (R-FL), Amy Klobuchar (D-MN), Joe Manchin (D-WV), and Chris Van Hollen (D-MD).
The resolution expresses:
- The United States must prioritize safeguarding the U.S. dollar’s status as the world’s reserve currency and maintain its influential role in the global financial system.
- The actions of the Chinese government, aimed at diminishing the U.S. dollar’s reserve currency status, should be closely monitored and appropriate countermeasures must be taken.
- The U.S. should focus on strengthening economic ties with regions like South America as an alternative to Chinese investment and capital.
- Collaboration with allies is crucial for promoting economic policies that foster growth and stability in developing nations.
The second resolution denounces efforts by the People’s Republic of China (PRC) to exert malign influence in Latin America. It is co-sponsored by Senators Tim Kaine (D-VA), Bill Cassidy (R-LA), Dick Durbin (D-IL), John Hickenlooper (D-CO), Michael Bennet (D-CO), Mark Kelly (D-AZ), Alex Padilla (D-CA), Maggie Hassan (D-NH) and Peter Welch (D-VT).
The resolution resolves that the Senate:
- Notes the importance of continuing to develop and establish bilateral trade agreements in Latin America.
- Urges additional U.S. investment and foreign assistance in Latin America.
- Expresses gratitude for those countries in the Western Hemisphere that continue to recognize and support Taiwan.
- Condemns efforts by state-owned Chinese media to conduct information operations in Latin America.
- Supports transparent bidding processes for telecommunication projects in Latin America.
Senator Budd said in a statement:
“As we traveled to South America on a bipartisan CODEL earlier this year, it became crystal clear that China’s influence in the region is growing and undermining our national interest. It must be the policy of the U.S. government to counter this influence, maintain the dominance of the dollar, and keep our nation as the go-to resource for trade and resources in South America.”
Senator Shaheen said:
“To better counter China’s attempts to disrupt international norms and spread its malign influence, including by engaging in coercive economic practices that stymie economic growth and democratic governance, we must work to deepen our economic and diplomatic ties with our Allies and partners in Latin America and around the world. These bipartisan resolutions would make clear that the United States can and must make additional economic, security and political investments to remain the partner of choice internationally.”
Senator Rubio said:
“As China continues to make inroads globally, this administration’s negligence draws countries to our nation’s adversaries. This resolution underscores the need for the U.S. to support the dollar and provide real alternatives to China’s Belt and Road projects.”