U.S. Rep. Greg Walden (R-Ore.) today officially introduced the Stop the Coin Act to take the trillion dollar platinum coin gimmick off the table once and for all so that Washington can get serious about real debt reduction.
"Reducing our debt can't be done with a magic wand--or a magic coin. For weeks, some in Congress have been advocating use of a gimmick to circumvent the debt ceiling. The Administration refused to rule the idea out until last weekend. What took them so long? My bill today will permanently close the coin loophole so that Washington can get serious about real debt reduction," Rep. Walden said.
The Stop the Coin Act will remove the Secretary's authority to issue a coin of platinum or any other material with a face value greater than $200, thus ending speculation about the trillion dollar coin gimmick.
On January 7, Rep. Walden announced plans to introduce the Stop the Coin Act to close the trillion dollar platinum coin loophole. Last week, White House Press Secretary Jay Carney repeatedly refused to rule out use of the gimmick to get around the debt ceiling. Meanwhile, the Senate Democratic Leadership, including Majority Leader Harry Reid (D-Nev.), wrote to the President to urge him to circumvent the debt ceiling through any means necessary. On January 12, the Treasury Department finally ruled out using the coin gimmick to get around the debt ceiling.
Rep. Walden was joined by 14 other members of the U.S. House in introducing the legislation, including Rep. Robert Aderholt (R-Ala.), Rep. Jason Chaffetz (R-Utah), Rep. Stephen Fincher (R-Tenn.), Rep. John Campbell (R-Calif.), Rep. George Holding (R-N.C.), Rep. Richard Hudson (R-N.C.), Rep. Walter Jones (R-N.C.), Rep. Leonard Lance (R-N.J.), Rep. Blaine Luetkemeyer (R-Mo.), Rep. Kristi Noem (R-N.D.), Rep. Richard Nugent (R-Fla.), Rep. Alan Nunnelee (R-Miss.), Rep. Pete Sessions (R-Tex.), and Rep. Lynn Westmoreland (R-Ga.).