BILL ANALYSIS

Senate Research Center	S.J.R. 55
87R12332 MWC-F	By: Creighton
	Business & Commerce
	4/1/2021
	As Filed

AUTHOR'S / SPONSOR'S STATEMENT OF INTENT

In the United States and worldwide, there is a push from banking interests to use their services� in what would be called a "cashless society." This would eliminate paper currency, or at the very least eliminate large denomination bills and result in the forced use of banks for holding legal currency.

The choice to hold the wealth one has earned over a lifetime in the form of one's choice is a natural right that no government should violate. Recently, India removed its 1000 and 500 rupee notes from circulation within 48 hours, creating chaos and destroying the life savings of millions of Indians.

S.J.R. 55 would reaffirm the right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or scrip, when trading and contracting for goods and services shall not be infringed. No government shall prohibit or encumber ownership or holding of any form or any amount of money or other currency. Nothing in this section shall be construed as restricting this state or a political subdivision of this state from only accepting payments made or entering into transactions using certain mediums of exchange.

Being forced to use banking services instead of storing and using the currency of choice builds the police state because it allows governments to:

• See every financial transaction you make, violating any right to financial privacy.
• Easily confiscate the wealth of Texans via Cyprus-style "bail-ins" or "haircuts."

Matt Schaefer introduced this in 2017 as H.J.R. 89.

S.J.R. 55 proposes a constitutional amendment relating to the right to own, hold, and use any mutually agreed upon medium of exchange.

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Article I, Texas Constitution, by adding Section 35, as follows:

Sec. 35. Prohibits the right of the people to own, hold, and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency, or scrip, when trading and contracting for goods and services from being infringed. Prohibits a government from prohibiting or encumbering the ownership or holding of any form or amount of money or other currency.

SECTION 2. Requires that the proposed constitutional amendment be submitted to the voters at an election to be held November 2, 2021. Sets forth the required language of the ballot.