The earlier version was proposed in 2011 by former Rep. Ron Paul. It died when the 112th Congress adjourned. Congressman Paul C. Broun hopes that the 113th Congress will see in better light this newest bill and another first authored by Paul who recently retired.
"I applaud Congressman Paul’s efforts. He was fighting for liberty," Broun told The Hill in regards to his other reintroduced bill that Ron Paul first penned to audit the Federal Reserve. "I’m just going to stand on his shoulders and go forward in that same fight."
Rep. Broun introduced this latest bill, numbered H.R. 77 and entitled the Free Competition in Currency Act of 2013, when the House convened for its first session in the 113th Congress on Jan. 3, 2013.
If the Free Competition in Currency Act became law, it would:
Repeal Section 5103 of title 31 that states: "United States coins and currency (including Federal Reserve notes and circulating notes of Federal Reserve Banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts."
Eliminate taxes on coins, medals or tokens made from gold, silver, platinum, palladium or rhodium — no matter the source, whether issued by a State, the United States, a foreign government or any other person. Such measures would take effect on December 31, 2013, but would not apply to earlier taxes or fees imposed.
Strike Title 18, sections 486 and 489, which relates to uttering coins of gold, silver or other metal and making or possessing likeness of coins. This would end a prohibition on the operation of private mints and stop current legal proceedings against them. Additionally, any previous convictions suffered as a result of the prohibition would be deemed null and void.
Currently, the Free Competition in Currency Act of 2013 has no cosponsors. The legislation is before the Committee on Financial Services and the Committees on Ways and Means. For a bill to become law, it must pass in the Senate, the House and get signed by the President.