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.'.
END
