Members of the Nebraska Legislature are seeking to enact legislation helping restore sound money and enforce the U.S. Constitution’s monetary provisions.
Legislative Bill 1305 (LB 1305) is sponsored by Senator Ben Hansen (R-Blair). If enacted, it would abolish capital-gains taxes on gold and silver, an important step toward treating gold and silver as money — as the U.S. Constitution requires. The bill would also expand the definition of “bullion.”
Furthermore, LB 1305 would amend the state’s definition of money, found in Nebraska’s Uniform Commercial Code, to exclude a Central Bank Digital Currency (CBDC) — regardless of whether they are “issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system.” These actions would effectively ban them within Nebraska.
On April 23, 2024, Governor Jim Pillen signed into law LB 1317, which contains the provisions of LB 1305, along with multiple other, unrelated provisions.
LB 1305 is a good first step toward enforcing the Constitution’s monetary provisions. Article I, Section 10, of the U.S. Constitution plainly states that “No State shall…make any Thing but gold and silver Coin a Tender in Payment of Debts.” It’s long overdue that states begin to enforce this provision once again.
Additionally, this bill is an important step toward nullifying the unconstitutional Federal Reserve, which has a monopoly on money, and also reducing Nebraska’s financial dependence on the federal government. It will also help Nebraska avoid the federal government’s planned “Central Bank Digital Currencies,” which severely threaten privacy and individual freedom.
Article VI of the U.S. Constitution obligates state officials to uphold the Constitution and nullify all laws not “made in Pursuance” of it. Officials at all levels of government must push back against the federal government’s many unconstitutional laws and agencies, and robustly enforce the Constitution and only those laws “made in Pursuance thereof.” LB 1305 is a good model for other states to follow.
Urge your state senator to support LB 1305 and to fully restore sound money in Nebraska.
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