Rep. Kristi Noem announced today that she will co-sponsor the "Stop the Coin Act," which will prevent the United States Treasury from minting a platinum coin that could be used to pay the federal government's bills.
"To think that some in Washington believe that minting a trillion dollar coin can solve our nation's out-of-control spending is embarrassing," said Rep. Noem. "Since coming to Washington in 2010, I have continued to fight for prioritized government spending and the proposal to print magic coins only avoids the tough conversations that need to be had. The time has come for real, common sense solutions to our spending problem and this coin is only playing games with our children's futures. I will continue to work with my colleagues in Washington to find real solutions to the challenges facing our country."
The "Stop the Coin Act," will be introduced by Rep. Greg Walden (R-OR) on Monday, January 14, and would prevent the Secretary of the Treasury from minting platinum coins that could then be sold to the Federal Reserve and used to offset our nation's debt. This bill will close a loophole in the law that still allows for production of commemorative coins, but not minting as a way to pay down the debt or to avoid a debt ceiling fight.
There have been a number of media reports touting this as a potential option. Rep. Jerrold Nadler, the ranking member of the Judiciary Committee's Subcommittee on the Constitution, has been a vocal proponent, as has New York Times columnist Paul Krugman (article here).