Summary

1/3/2013--Introduced.Free Competition in Currency Act of 2013 - Repeals the federal law establishing U.S. coins, currency, and reserve notes as legal tender for all debts, public charges, taxes,... Read More

Status

This bill was introduced on Jan 3, 2013, in a previous session of Congress, but was not passed.

Date Introduced
Jan 3, 2013

Bill Text

A BILL

To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Free Competition in Currency Act of 2013''.

SEC. 2. REPEAL OF LEGAL TENDER LAWS.

(a) In General.--Section 5103 of title 31, United States Code (relating to legal tender), is hereby repealed. (b) Clerical Amendment.--The table of sections for subchapter I of chapter 51 of title 31, United States Code, is amended by striking the item relating to section 5103 and inserting the following new item:

``5103. [Repealed].''.

SEC. 3. NO TAX ON CERTAIN COINS AND BULLION.

(a) In General.--Notwithstanding any other provision of law-- (1) no tax may be imposed on (or with respect to the sale, exchange, or other disposition of) any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion, whether issued by a State, the United States, a foreign government, or any other person; and (2) no State may assess any tax or fee on any currency, or any other monetary instrument, which is used in the transaction of interstate commerce or commerce with a foreign country, and which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution. (b) Effective Date.--This section shall take effect on December 31, 2013, but shall not apply to...

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Sentiment Map

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Nation

47 Supporting
3 Opposing
94% 6%

State: CA

3 Supporting
0 Opposing
100% 0%

District: 1st

0 Supporting
0 Opposing
0% 0%

Popularity Trend

Organizations Supporting

No organizations supporting yet.

Organizations Opposing

No organizations opposing yet.

Users Supporting

I support H.R. 77 The Free Competition in Currency Act because while the Constitution prohibits the states from issuing money, it should NOT be inferred that the drafters also meant to forbid private parties from doing so. That’s a mistaken understanding of how the Constitution works.

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PA
4
ChrisTriplett
PA-4
7 months ago

I support H.R. 77 The Free Competition in Currency Act because there is an absolute connection between our freedom and our prosperity. Take away our freedom and you take away our prosperity. The ignorance in our society by all people regarding Jeckel Island, Breton Woods, and the Federal Reserve is only surpassed by our ignorance of the events of 9-11-01. (please see HR428.org asap) This is probably the most important house resolution in our congress in the history of our nation. Why should the Franklin Mint be allowed to mint a coin and you and I cannot? The recent case where a man was convicted of coining his own money I hope will go to the Supreme Court ASAP. thanks, ROY J. KENDALL royjkendall@hotmail.com

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CA
22
Constituent392383
CA-22
7 months ago

I support H.R. 77: Free Competition in Currency Act of 2013 because...it makes sense.

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TX
29
TEFinnegan
TX-29
2 years ago

Users Opposing

I oppose H.R. 77: Free Competition in Currency Act of 2013 because there is no good reason to treat investment/speculation in gold, or coins, differently from other investment/speculation. If the tax laws need to be changed, then we should change the tax laws consistently for everyone, not just for those who choose a specific investment/speculation.

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MD
6
RogueMedic
MD-6
2 years ago

Bill Summary

1/3/2013--Introduced.Free Competition in Currency Act of 2013 - Repeals the federal law establishing U.S. coins, currency, and reserve notes as legal tender for all debts, public charges, taxes, and dues. Prohibits any tax on any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion issued by a state, the United States, a foreign government, or any other person. Prohibits states from assessing any tax or fee on any currency or other monetary instrument that is used in interstate or foreign commerce and that has legal tender status under the Constitution. Repeals provisions of the federal criminal code relating to uttering coins of gold, silver, or other metal for use as current money and making or possessing likenesses of such coins. Abates any current prosecution under such provisions and nullifies any previous convictions.

H.R. 76 To designate the facility of the United States Postal Service located... To designate the facility of the United States Postal Service located...