By Staff Reports
U.S. Rep. Kristi Noem , R-S.D., announced Thursday that she will co-sponsor the Stop the Coin Act which she said would prevent the U.S. 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,” Noem said in a written statement.
The Stop the Coin Act will be introduced by Rep. Greg Walden, R-Ore., on Monday 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 the nation’s debt. The bill seeks to close a loophole in the law that still allows for production of commemorative coins, but the bill would not allow minting as a way to pay down the debt or to avoid a debt ceiling fight.
Noem cited “a number of media reports touting this as a potential option.” She said Rep. Jerrold Nadler, D-N.Y., 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.
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