H.R.4248 full text

IN THE HOUSE OF REPRESENTATIVES

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.

1 Be it enacted by the Senate and House of Representa2

tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Free Competition in

5 Currency Act of 2009’’.

6 SEC. 2. REPEAL OF LEGAL TENDER LAWS.

7 (a) IN GENERAL.—Section 5103 of title 31, United

8 States Code (relating to legal tender), is hereby repealed.

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1 (b) CLERICAL AMENDMENT.—The table of sections

2 for subchapter I of chapter 51 of title 31, United States

3 Code, is amended by striking the item relating to section

4 5103 and inserting the following new item:

‘‘5103. [Repealed]’’.

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

6 (a) IN GENERAL.—Notwithstanding any other provi7

sion of law—

8 (1) no tax may be imposed on (or with respect

9 to the sale, exchange, or other disposition of) any

10 coin, medal, token, or gold, silver, platinum, palla11

dium, or rhodium bullion, whether issued by a State,

12 the United States, a foreign government, or any

13 other person; and

14 (2) no State may assess any tax or fee on any

15 currency, or any other monetary instrument, which

16 is used in the transaction of interstate commerce or

17 commerce with a foreign country, and which is sub18

ject to the enjoyment of legal tender status under

19 article I, section 10 of the United States Constitu20

tion.

21 (b) EFFECTIVE DATE.—This section shall take effect

22 on December 31, 2009, but shall not apply to taxes or

23 fees imposed before such date.

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1 SEC. 4. REPEAL OF SUPERFLUOUS SECTIONS.

2 (a) IN GENERAL.—Title 18, United States Code, is

3 amended by striking sections 486 (relating to uttering

4 coins of gold, silver, or other metal) and 489 (making or

5 possessing likeness of coins).

6 (b) CONFORMING AMENDMENT TO TABLE OF SEC7

TIONS.—The table of sections at the beginning of chapter

8 25 of title 18, United States Code, is amended by striking

9 the items relating to the sections stricken by subsection

10 (a).

11 (c) SPECIAL RULE CONCERNING RETROACTIVE EF12

FECT.—Any prosecution under the sections stricken by

13 subsection (a) shall abate upon the taking effect of this

14 section. Any previous conviction under those sections shall

15 be null and void.