February 19, 2018

Downsize DC wants to revive Ron Paul’s Free Competition in Currency Act

Tell your reps to re-introduce Ron Paul’s Free Competition in Currency Act. Retweet

We recently added a new piece of legislation to the Downsize DC Agenda — We Do Better’s Universal Charitable Credit Act. This bill would allow you to decide how some of your taxes are spent. If you haven’t yet asked your reps to sponsor this bill, please do so.

This week, we’re bringing back an old favorite that used to be a part of the Downsize DC Agenda.

Ron Paul created the Free Competition in Currency Act. Downsize DC helped improve its final version (HR 77, 2013) by suggesting a clause about the tax status of gold. Unfortunately, the bill was reintroduced only once more after Ron Paul left office. Now, Downsize DC wants to renew the drive to pass the Free Competition in Currency Act.

This one-page bill would end the Federal Reserve’s currency monopoly by repealing the legal tender law. Americans would then be completely free to use anything they want for currency — gold, Bitcoins, sea-shells, or whatever — not just Federal Reserve Notes. You can read the text of the bill on our blog. It has three parts…

  • The Honest Money portion repeals the legal tender law which gives the Federal Reserve a monopoly over the money supply.
  • The Competitive Currency section would repeal the words of Title 18 Section 489 of the U.S. Code, which gives the United States government a monopoly over the creation of coins for use as currency.
  • The Tax-Free Gold component would prohibit federal and state taxes such as capital gains on precious metal coins and bullion.

These simple changes would force the Federal Reserve to compete with other forms of money. That competition would probably cause the Fed to stop increasing the money supply. The result would be an end to inflation and fewer booms and busts.

This bill was a part of the Downsize DC Agenda for several years, starting in 2008. You can help resurrect it.

Thanks for being an ACTIVE DC Downsizer,

Jim Babka & Perry Willis
Downsize DC

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