Ron Paul Statement on HR 5512 to Change Pennies from Copper to Steel

• The following are excerpts from Ron Paul's statement to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology hearing on HR 5512 on March 11, 2008:

"Under Article I Section 8 of the Constitution, the Congress is given the power to coin money and regulate the value thereof. It is a shame that Congress has already unconstitutionally delegated its coinage authority to the Treasury Department, but that is no reason to further delegate our power and essentially abdicate Congressional oversight as the passing of HR 5512 would do."

"While I sympathize with the aim of Section 4 of this bill to save taxpayer dollars by minting steel pennies, it is disappointing that our currency has been so greatly devalued as to make this step necessary. At the time of the penny's introduction, it actually had some purchasing power. Based on the price of gold, what one penny would have purchased in 1909 requires 47 cents today."

• Read the full statement on: http://www.house.gov/paul/congrec/congrec2008/cr031108h.htm.