Chris Van Hollen

STORY: :: Bessent says Gulf and Asian allies have requested currency swap lines from the U.S.

:: Washington, D.C. / April 22, 2026

:: Sen. Chris Van Hollen, (D) Maryland

"The war in Iran has already cost us dearly. In my view, it's been a huge mistake, made us less safe and a lot worse off." // "And now we understand that the UAE (United Arab Emirates) is asking you to provide them a swap line through the exchange stabilization fund. Mr. Secretary, can you talk about this request and whether or not you expect to support it?'' //

:: Scott Bessent, U.S. Treasury Secretary

"Many of our Gulf allies have requested swap lines. You would have just read about the UAE and swap lines, whether it's from the Federal Reserve or the Treasury, are to maintain order in the dollar funding markets and to prevent the sale of the U.S. assets in a disorderly way. So, the swap line would both benefit the UAE and the U.S., and as I said, numerous other countries, including some of our Asian allies, have also requested them."

Bessent told U.S. senators that both the U.S. and the United Arab Emirates would benefit from a proposed swap line that President Donald Trump said he was considering on Tuesday (April 21).

Bessent did not name the countries making such requests, but told a U.S. Senate Appropriations subcommittee budget hearing that such facilities would help stabilize financial markets amid turmoil from the Middle East war.