Speaking of the newly introduced Sound Money Promotion Act, Djamila Grossman of the Salt Lake Tribune highlighted the role of Utah's Senator Mike Lee in bringing forth this legislation at the national level:
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Lee’s measure would treat gold or silver coins the same as regular U.S. currency in transactions, a change that he hopes will encourage a change in the nation’s monetary system.
Utah was the first state in the nation to make gold or silver coins legal tender for transactions and removed any state capital gains taxes. Twelve other states have made or are considering such a move.
Lee noted that the U.S. dollar has lost about 98 percent of its value since the Federal Reserve was created in 1913.