Tell your reps to reintroduce Ron Paul’s Free Competition in Currency Act

Downsize DC helped Ron Paul create the Free Competition in Currency Act (most recently HR 77, 2013). 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. If you agree with the letter we’ve written to Congress on behalf of this bill, please send it — or revise it to suit your needs.

– Perry Willis & Jim Babka on Sunday, February 18, 2018

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