Has anyone heard about this bill? Comments? Cheers, Bob Hettinga
From: glasgow@geoserv.isgs.uiuc.edu (Mary.Glasgow) Subject: Senate Bill 307 2-tier Money System Date: 31 Aug 1995 13:54:45 GMT Organization: University of Illinois at Urbana Summary: Senate Bill 307 2-Tier Money System Keywords: Senate Bill 307 2-Tier Money System
In the Senate of the United States, January 30, 1995, Mr. Leahy introduced the following bill, which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
...for purposes of brievty, I will quote only from sections (c) Currency Exchange and (d) Domestic Use and Nondomestic Use Currency.
(c) Currency Exchange-- (1) Plan--Not later than 12 months after the date of enactment of this section, the Secretary shall devedlop and begin implementation of a plan to require the exchange of all existing $100 denomination United States currency held within and outside of the United States for $100 denomination domestic use and nondomestic use United States currency issued in accordance with this sectin.
(2) Exchange Requirements--The plan established under paragraph (1) shall require the currency to be exchanged-- (A) at financial institutions regulated under United States law and subject to United States currency transaction reporting and other money laundering deterrence requirements; or (B) at financial institutions that the Secretary finds, because of treaty obligations, other provisions of law, or other agreements, are required to report significant transactions in United States currency to the United States Treasury, and abide by such obligations. (3) 6-Month Exchange Period-- (A) In general--During the period beginning on the date that is 12 months after the date of enactment of this section and ending on the date that is 18 months after that date of enactment, the Secretary shall permit the exchange of circulating $100 denomination United States currency for equal numbers of the domestic use and nondomestic use $100 currency issued in accordance with this section at institutions described in paragraph (2). (B) Non-Negotiability--Except for claims pursuant to subsection (e), beginning on the dat that is 18 months after the date of enactment of this section, the United States Treasury shall not recognize $100 denomination United States currency issued prior to the date that is 12 months after the date of enactment of this section as constituting a negotiable claim against the United States Treasury, and such currency shall not constitute legal tender for any debts, public or private.
(d) Domestic Use and Nondomestic Use Currency--Beginning on the date that is 18 months after the date of enactment of this section-- (1) domestic use currency, issued in accordance with this section shall be recognized as constituting a negotiable claim against the United States Treasury only when presented within the United States, and shall constitute legal tender for any debts, public or private, only when presented in the United States, but such currency may be exchanged for equal values of $100 denomination nondomestic use currency (or other United States currency) only at financial institutions regulated by United States law and subject to United States currency transaction reporting and other money laundering deterrence requirements; and (2) nondomestic use currency shall be recognized as constituting a negotiable claim against the United States Treasure, and legal tender for any debts, public or private, only when presented outside of the United States, but such currency may be exchanged for equal values of $100 denomination domestic use currency (or other United States currency) at financial institutions regulated by United States law and subject to United States currency transaction reporting and other money laundering deterrence requirements.
----------------- Robert Hettinga (rah@shipwright.com) Shipwright Development Corporation, 44 Farquhar Street, Boston, MA 02131 USA (617) 323-7923 "Reality is not optional." --Thomas Sowell
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