Used in the global trade and crossborder payments and gives u. S. Authority to attach with immense exaibts to impose and isolate regimes that are against international values. We saw how u. S. Dollars and can be leveraginged to respond to bad behavior. As russia invaded ukraine, United States countered putins attack by limiting to restrich banks. As a result, the russian economy began to erode and they were International Pa ria as. And the they can tighten the screws that violate longstanding norms. But the strength and privileges are far from uncontested. Allies and adversaries are taking to dedollarize and cross border money transfers and the plumbing and finance. These are proactive measures to mitigate the economic sanctions and in other instances, they illustrate the ways they expand their ways in the global payment sector and jeopardize the era. The system poses challenges that will require International Community to refine our strategies and trends and keep pace with the payment
The subcommittee will come to order. Without objection, the chair is thoshzed to declare a recess of the subcommittee at any time and members of the full committee not on this subcommittee is authorized to participate. I would like to welcome our witnesses. We will be doing a hybrid hearing and members will be physically present and will be on the screen. So we beg your indulgence for any technical issues, but we anticipate a good dialogue. This is under the radar and the National Security. And i recognize myself for four minutes to give an opening statement. Payment statements are the life blood and banks and businesses can send and receive money without delay and keep the economies connected. The United States occupy a. M. Privileged role. Our dollar is the most widely used in the global trade and crossborder payments and gives u. S. Authority to attach with immense exaibts to impose and isolate regimes that are against international values. We saw how u. S. Dollars and can be levera
The subcommittee will come to order. Without objection, the chair is thoshzed to declare a recess of the subcommittee at any time and members of the full committee not on this subcommittee is authorized to participate. I would like to welcome our witnesses. We will be doing a hybrid hearing and members will be physically present and will be on the screen. So we beg your indulgence for any technical issues, but we anticipate a good dialogue. This is under the radar and the National Security. And i recognize myself for four minutes to give an opening statement. Payment statements are the life blood and banks and businesses can send and receive money without delay and keep the economies connected. The United States occupy a. M. Privileged role. Our dollar is the most widely used in the global trade and crossborder payments and gives u. S. Authority to attach with immense exaibts to impose and isolate regimes that are against international values. We saw how u. S. Dollars and can be levera
And china. This is an hour and a half. The subcommittee will come to order. Without objection, the chair is thoshzed to declare a recess of the subcommittee at any time and members of the full committee not on this subcommittee is authorized to participate. I would like to welcome our witnesses. We will be doing a hybrid hearing and members will be physically present and will be on the screen. So we beg your indulgence for any technical issues, but we anticipate a good dialogue. This is under the radar and the National Security. And i recognize myself for four minutes to give an opening statement. Payment statements are the life blood and banks and businesses can send and receive money without delay and keep the economies connected. The United States occupy a. M. Privileged role. Our dollar is the most widely used in the global trade and crossborder payments and gives u. S. Authority to attach with immense exaibts to impose and isolate regimes that are against international values. We
Potential National Security concerns when using alternative Payment System such as russia and china. This is an hour and a half. The subcommittee will come to order. Without objection, the chair is thoshzed to declare a recess of the subcommittee at any time and members of the full committee not on this subcommittee is authorized to participate. I would like to welcome our witnesses. We will be doing a hybrid hearing and members will be physically present and will be on the screen. So we beg your indulgence for any technical issues, but we anticipate a good dialogue. This is under the radar and the National Security. And i recognize myself for four minutes to give an opening statement. Payment statements are the life blood and banks and businesses can send and receive money without delay and keep the economies connected. The United States occupy a. M. Privileged role. Our dollar is the most widely used in the global trade and crossborder payments and gives u. S. Authority to attach wit