On September 13, 2011, Ron Paul chaired a hearing before his Domestic Monetary Policy and Technology subcommittee entitled "Road Map to Sound Money: A Legislative Hearing on H.R. 1098 and Restoring the Dollar." This hearing was held in support of H.R. 1098, the "Free Competition in Currency Act of 2011," a bill that Paul had introduced on March 15, 2011.
One of the expert witnesses testifying before Ron Paul’s Domestic Monetary Policy and Technology Subcommittee on Tuesday was Dr. Lawrence H. White, professor of Economics at George Mason University. His written testimony submitted to the committee reinforced the case for Paul’s bill, HR 1098, the “Free Competition in Currency Act of 2011” by outlining its benefits in introducing freedom of choice into the realm of currencies.
Taking a notably different tack from fellow Republicans in the House of Representatives, Senate Minority Leader Mitch McConnell (R-Ky.) “fiercely attacked President Barack Obama’s new jobs plan Tuesday,” according to Politico. While House Republicans have taken what Rutgers University political science professor Ross Baker, in an interview with Congressional Quarterly, called a “tactically polite” approach to Obama’s $447 billion bill, McConnell came out swinging against it.
On March 15, Rep. Ron Paul (R-Texas) introduced H.R. 1098, better known as the “Free Competition in Currency Act of 2011,” which would repeal the legal tender laws in the United States Code (Section 5103 of Title 31). In its elegant simplicity (the bill is only three pages), it would be the first step to restoring a sound currency by allowing American citizens to choose which currency among competing currencies works best for them.
One of the terms of the recent debt ceiling deal between Congress and the White House was that Congress would vote on, but not necessarily pass, a Balanced Budget Amendment to the Constitution. The deal did not, however, specify the language in the amendment, giving legislators plenty of opportunities to sneak in loopholes that might very well render any amendment that does pass meaningless.