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LUKE MYERS RECOGNIZED FOR FIVE MINUTES, THE CHAIR OF THE NATIONAL SECURITY SUBCOMMITTEE THANK YOU, CHAIRMAN POW POWELLPOWELL, FOR BEING HERE THIS MORNING. THE RESERVE FOR THE DOLLAR IS FINANCIAL. IN THE WAKE OF RUSSIAS UNPROVOKED INVASION OF UKRAINE, THE FED TOOK ACTION TO PREVENT THE KREMLIN FROM ACCESSING MORE THAN $300 BILLION IN RESERVES, NEARLY HALF OF RUSSIAS RESERVES HOWEVER, THIS LED TO AN ACCELERATED EFFORT BY COUNTRIES LIKE CHINA TO DE-DOLLARIZE THEIR OFFICIAL FOREIGN EXCHANGE RESERVES JUST LAST WEEK, THERE WAS AN ARTICLE IN THE WALL STREET JOURNAL ENTITLED RUSSIA TURNS TO THE YUAN IN AN EFFORT TO DITCH THE DOLLAR NOT ONLY THAT, BUT CHINAS XI JINPING PUSHED FOR THE SETTLEMENT OF ENERGY TRADES IN THE CHINESE YUAN AT A SUMMIT WITH ARAB LEADERS IN DECEMBER. THE QUESTION IS, ARE YOU CONCERNED ABOUT THESE ACTIONS BY RUSSIA AND CHINA TO PUSH TO ESTABLISH DIFFERENT RESERVES AND CONDUCT TRANSACTIONS IN NON-U.S. DOLLARS? SO THE U.S. DOLLAR IS THE WIDELY ACCE
