Ron Paul and HR 1098: Free Competition in Currencies

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Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.) have re-introduced legislation to “Audit the Fed,” after a similar effort stalled in the last Congress.

But such a proposal, which has been vocally opposed by Federal Reserve Chairwoman Janet Yellen, may face its best odds ever of becoming law. Both chambers are controlled by Republicans long critical of the Fed’s policies, and President-elect Donald Trump has heaped scorn on the central bank since the beginning of his presidential campaign.

Paul specifically mentioned Trump in a statement about the bill Wednesday, making clear the measure’s proponents believe they have an ally in their cause coming to the White House.

“The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress,” said Paul.
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http://thehill.com/policy/finance/312662-audit-the-fed-bill-gets-new-push

 

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Former Congressman Ron Paul said that Bitcoin is a form of money, and money should not be regulated.

"Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can't tax money, you don't tax it. If you bought a dollar a year ago and it went down 10%, you can't take a loss because your dollar lost value," Paul told Michelle Makori, editor-in-chief for Kitco News.

Governments will always try to suppress alternative forms of money, Paul noted, but it's important to let the free markets decide what's best instead of having the state intervene.

"I will argue more the case for the legalization of freedom of choice and the people should make a decision, not the government," he said. "And the market will finally determine that my goal is to help legalize the competition. And I think the people will sort it out, freedom of choice will sort it out."

Unfortunately, I don't think the audience is listening any more. The Free Competition in Currency Act was originally introduced in Congress in 2007. It died and had been successively re-introduced session after session until 2013. If crypto re-awakens interest in this legislation, I would be amazed.
 
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