Home > 108th Congressional Bills > H.R. 2778 (ih) To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes. [Introduced in House] ...
H.R. 2778 (ih) To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes. [Introduced in House] ...
108th CONGRESS
1st Session
H. R. 2777
To prohibit the Secretary of the Treasury and the Board of Governors of
the Federal Reserve System from including any information storage
capability on the currency of the United States or imposing any fee or
penalty on any person for the holding by such person of currency of the
United States, including Federal reserve notes, for any period of time.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 17, 2003
Mr. Paul introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To prohibit the Secretary of the Treasury and the Board of Governors of
the Federal Reserve System from including any information storage
capability on the currency of the United States or imposing any fee or
penalty on any person for the holding by such person of currency of the
United States, including Federal reserve notes, for any period of time.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Currency `Carry Tax' Prohibition Act
of 2003''.
SEC. 2. CERTAIN CURRENCY PROVISIONS PROHIBITED.
(a) United States Currency Notes.--Section 5115 of title 31, United
States Code, is amended by adding at the end the following new
subsections:
``(c) Information Storage Capability Prohibited.--The Secretary may
not include any information storage capability on United States
currency notes.
``(d) Holding Fee Prohibited.--The Secretary may not impose any fee
or penalty on any person for the holding by such person of any United
States currency note for any period of time.''.
(b) Federal Reserve Notes.--
(1) Information storage capability prohibited.--The 8th
undesignated paragraph of section 16 of the Federal Reserve Act
(12 U.S.C. 418) is amended by adding at the end the following
new sentence: ``The Secretary of the Treasury and the Board may
not include any information storage capability on any Federal
reserve note.''.
(2) Holding fee prohibited.--The 1st undesignated paragraph
of section 16 of the Federal Reserve Act (12 U.S.C. 411) is
amended by adding at the end the following new sentence: ``The
Board may not impose any fee or penalty on any person for the
holding by such person of any Federal reserve note for any
period of time or in connection with a redemption under the
preceding sentence.''.
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