The Sound Money Promotion Act was filed late last month by Jim DeMint of South Carolina, Rand Paul of Kentucky and Mike Lee of Utah, which was the first state to legalize the precious metals as legal tender. Utah's governor signed off on that effort on May 9 and at least 12 additional states are debating the issue, including the state DeMint represents.
"Thanks to the government's reckless over-spending, continued bailouts, and the Federal Reserve's easy money policy, this year the purchasing power of the dollar hit an all-time low in the several decades since we went off the gold standard," according to DeMint.
The senators noted that gold prices are valued "at historic highs" while the greenback is hovering around "historic lows."
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