The United States has been the global financial leader since World War II when the U.S. dollar became the world reserve currency. Consequently, Americans have enjoyed benefits like greater buying power, easier access to capital and low-interest rates—including on our national debt.
Unfortunately, we face a growing threat to that dominance, from our national debt on the one hand and China’s ascendance and their own digital currency on the other. If the U.S. dollar lost its position as the world reserve currency, it would mean higher U.S. interest payments, more expensive debt repayments and a skyrocketing deficit.
Sen. Cynthia Lummis is a Republican first elected to the United States Senate from Wyoming in 2020. She served previously as its U.S. representative from 2009–17 and as its state treasurer from 1999–2007.
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