There was 'some evidence' that China wants the dollar to weaken as the international reserve currency, said a White House nominee for a top economist position on Tuesday, and he urged Congress to raise the U.S. debt ceiling to protect the dollar's value.
Dr. Jared Bernstein testifies on his nomination to be Chairman of the Council of Economic Advisers during a Senate Banking, Housing and Urban Affairs Committee hearing on Capitol Hill in Washington, U.S., April 18, 2023. REUTERS/Amanda Andrade-Rhoades
Asked about an essay he published in the New York Times in 2014 entitled "Dethrone King Dollar" and whether the U.S. would be better off if it were to lose that status, Bernstein told the committee, "Definitely not." Bernstein used the exchange to underscore the administration's concerns about the looming deadline this June for Congress to raise the debt ceiling or risk default, and Republican efforts to condition that approval on budget cuts.
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