Demint, Lee, Paul offer bill to begin restoring sound money
6/28/2011
WASHINGTON, D.C. - Today, U.S. Senators Jim DeMint (R-South Carolina), Mike Lee (R-Utah) and Rand Paul (R-Kentucky) introduced the Sound Money Promotion Act, legislation that would remove the tax burden on gold and silver coins that have been declared legal tender by the federal government or state governments. On May 9th, the state of Utah became the first state to recognize such gold and silver coins as legal tender for use within the state, and similar legislation has been introduced in 12 other states, including South Carolina.
Thanks to the governments reckless over-spending, continued bailouts, and the Federal Reserves easy money policy, this year the purchasing power of the dollar hit an all-time low in the several decades since we went off the gold standard, said Senator DeMint. In order to rebuild strength and confidence in our economy, we need both the fiscal discipline to cut wasteful spending and the monetary discipline to restrain further destructive monetizing of our debt. This legislation would encourage wider adoption of sound money measures, and thats a step in the right direction.
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