Sen. Lee Introduces Cancel the Coin Act to Eliminate Debt Limit Loophole

February 3, 2021

WASHINGTON – Sen. Mike Lee (R-UT) issued the following statement Wednesday after introducing the Cancel the Coin Act earlier this week. The bill would remove the Treasury Secretary’s ability to mint coins of any value.

“If the current budget resolution shows anything, it is that this Administration does not see the ballooning federal deficit as a problem,” Sen. Lee said. “A modern monetary theory-inspired spending spree would be disastrous for the American economy and the American way of life.

“The Cancel the Coin Act removes a legal loophole that allows the Treasury Secretary to bypass the statutory borrowing limit by minting platinum coins of any denomination. In doing so, this legislation ensures the powers to coin money and regulate the value thereof remain firmly in the branch of government in which the Constitution bestows them: Congress.”