[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2777 Introduced in House (IH)]

  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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 17, 2003

   Mr. Paul introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 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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