Free Competition in Currency Act of 2013

Bill: 113-hr-77
Sponsor: full_name: Rep. Broun, Paul C. [R-GA-10]
Introduced: 2013-01-03
Policy area: Finance and Financial Sector
Subjects: Criminal investigation, prosecution, interrogation

Currency

Fraud offenses and financial crimes

Metals

Sales and excise taxes

State and local taxation
Latest action: action_date: 2013-01-25
text: Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

Summaries:
action_date: 2013-01-03
action_desc: Introduced in House
text: <p>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.</p> <p>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. </p> <p>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.<br /></p>

tv_txt: I 113th CONGRESS 1st Session H. R. 77 IN THE HOUSE OF REPRESENTATIVES January 3, 2013 Mr. Broun of Georgia 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.

1. Short title This Act may be cited as the Free Competition in Currency Act of 2013 . 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of legal tender laws (a) In General Section 5103 of title 31, United States Code (relating to legal tender), is hereby repealed.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 [Repealed]. . 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 taxes or fees imposed before such date. 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.