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Home / Mike Norman Economics / Sen. Lee introduces “Cancel the Coin Act” to eliminate debt limit loophole — Holly Richardson

Sen. Lee introduces “Cancel the Coin Act” to eliminate debt limit loophole — Holly Richardson

Summary:
“If the current budget resolution shows anything, it is that this Administration does not see the ballooning federal deficit as a problem,” Sen. Lee said. “A modern monetary theory-inspired spending spree would be disastrous for the American economy and the American way of life. “The Cancel the Coin Act removes a legal loophole that allows the Treasury Secretary to bypass the statutory borrowing limit by minting platinum coins of any denomination. In doing so, this legislation ensures the powers to coin money and regulate the value thereof remain firmly in the branch of government in which the Constitution bestows them: Congress.”UtahPolicySen. Lee introduces "Cancel the Coin Act" to eliminate debt limit loopholeHolly Richardson

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“If the current budget resolution shows anything, it is that this Administration does not see the ballooning federal deficit as a problem,” Sen. Lee said. “A modern monetary theory-inspired spending spree would be disastrous for the American economy and the American way of life.

“The Cancel the Coin Act removes a legal loophole that allows the Treasury Secretary to bypass the statutory borrowing limit by minting platinum coins of any denomination. In doing so, this legislation ensures the powers to coin money and regulate the value thereof remain firmly in the branch of government in which the Constitution bestows them: Congress.”

UtahPolicy
Sen. Lee introduces "Cancel the Coin Act" to eliminate debt limit loophole
Holly Richardson
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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