Several US Federal Reserve officials have proposed expanding dollar swap lines to maintain global financial stability, according to recently released FOMC meeting minutes.

The discussion focused on expanding the dollar swap lines the Fed maintains with the world's five largest central banks, which have served as a key support tool for the global banking system since the financial crisis.

The discussion comes amid rising global instability and rising energy prices caused by the war involving the US, Israel, and Iran.

The discussion also comes amid growing concerns about Washington's credibility in terms of military defense and financial support, particularly the Fed's ability to provide dollars to support creditors. The dollar remains the backbone of international trade and finance.

A suggestion by incoming Fed Chairman Kevin Warsh that the regulator's independence may not fully extend to its crisis management role abroad has sparked concern among colleagues at European central banks. The Federal Reserve's dollar swap lines allow foreign central banks to access U.S. dollars during periods of market turmoil, helping prevent funding shortages in the global financial system.