Federal Reserve: Rep. Gabrielle Giffords responds to the Free Competition in Currency Act

I used DownsizeDC.org's Educate the Powerful System to send a letter to my House Rep, Gabrielle Giffords, about the Free Competition in Currency Act. Here's how she responded . . .

February 19, 2010

Dear Mr. Willis,
Thank you for contacting me about the Free Competition in Currency Act of 2009 (H.R. 4248).  I appreciate hearing from you.

As you may know, H.R. 4248 would repeal the section of the United States legal code that makes U.S. coins and currency "legal tender for all debts public and private."  The bill would also eliminate any taxes on the exchange of precious metals and currency.

H.R. 4248 would legalize the creation of currency that competes with ordinary American coins and bills.  Currently, transactions involving precious metals and special coins are taxed as investments.  If this bill passes, state and local governments, along with private citizens, would be permitted to create their own currencies.

H.R. 4248 was introduced on December 9, 2009 and has been referred to the Committee on Financial Services.  Should this bill come to the House floor for a vote, I will keep your thoughts in mind.

In the meantime, please know that I share your concerns regarding irresponsible spending.  We can no longer tolerate reckless fiscal policies, which strip our nation of the ability to invest in energy, education, healthcare, and job growth. We must work together to refocus our nation and lay the groundwork for a sound economic future through restrained government spending and a balanced federal budget.

I have been a strong supporter of reducing the deficit since the day I arrived in Washington. That is why I cosponsored and supported the final House passage of the Statutory Pay-As-You-Go Act of 2010, which the President signed into law on February 13, 2010.  This bill reestablishes the pay-as-you-go budgeting rules that helped us achieve the balanced budgets of the 1990's.  Known as PAYGO, this legislation requires any new spending initiatives to be paid for; if they are not offset, automatic cuts are triggered.  The passage of this bill was a good first step in getting the federal government back to the common sense practice of paying for what we buy.

I always appreciate hearing from constituents, like you, who are informed and interested about the important issues affecting Arizona and the nation.  My job as your representative is to help you connect with federal agencies, access services and get your questions answered thoroughly.  Please do not hesitate to contact me in the future if you require assistance.

Sincerely Yours,

Gabrielle GiffordsMember of Congress

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