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H.R. 1098 (112th): Free Competition in Currency Act of 2011

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The text of the bill below is as of Mar 15, 2011 (Introduced).

I

112th CONGRESS

1st Session

H. R. 1098

IN THE HOUSE OF REPRESENTATIVES

March 15, 2011

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 2011.

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Section 5103 of title 31, United States Code (relating to legal tender), is hereby repealed.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 [Repealed].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, 2011, 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.