The president of the World Bank is warning the US is facing the prospect of losing its dominance of global finance. On Monday, Robert Zoellick said the US dollar will be challenged as the world’s main currency. Zoellick also criticized US plans to grant the Federal Reserve oversight authority instead of the Treasury Department.

World Bank President Robert Zoellick: “In the United States, it will be difficult to vest the independent and powerful technocrats at the Federal Reserve with more authority. My reading of recent crisis management is that the Treasury Department needed greater authority to pull together a bevy of different regulators. The United States would be mistaken to take granted the dollar’s place as the world’s predominant reserve currency. Looking forward, there will increasingly be other options to the dollar.”