To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.
Full Bill Text
- Most Recent: H.R. 4248.IH (Introduced in House)
Bill Status
111st Congress:
|
Introduced in House
|
Passed House
|
Voted on in Senate
|
Signed by President
|
|
12/9/2009
|
–
|
–
|
–
|
For a U.S. bill to become law, it must pass both the House of Representatives and the Senate, and then get signed by the President.
Sponsor of H.R. 4248
Bill Actions by Date
- 12/9/2009: Sponsor introductory remarks on measure.
- 12/9/2009: Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 12/9/2009: Referred to House Financial Services
- 12/9/2009: Referred to House Ways and Means
- 12/9/2009: Referred to House Judiciary
Text of H.R. 4248: Free Competition in Currency Act of 2009
HR 4248 (Introduced in House)
111th CONGRESS
1st Session
H. R. 4248
To repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage.
IN THE HOUSE OF REPRESENTATIVES
December 9, 2009
December 9, 2009
Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
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 2009’.
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(a) In General- Section 5103 of title 31, United States Code (relating to legal tender), is hereby repealed.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 [Repealed]’.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, 2009, but shall not apply to taxes or fees imposed before such date.
SEC. 4. REPEAL OF SUPERFLUOUS SECTIONS.
-
(a) In General- Title 18, United States Code, is amended by striking sections 486 (relating to uttering coins of gold, silver, or other metal) and 489 (making or possessing likeness of coins).
-
(b) Conforming Amendment to Table of Sections- The table of sections at the beginning of chapter 25 of title 18, United States Code, is amended by striking the items relating to the sections stricken by subsection (a).
-
(c) Special Rule Concerning Retroactive Effect- Any prosecution under the sections stricken by subsection (a) shall abate upon the taking effect of this section. Any previous conviction under those sections shall be null and void.
Cosponsor List
The following Senate members cosponsored the bill:
- None