e$: More fun with cash: Senate Bill 307

[rah@shipwright.com (Robert Hettinga)]

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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