Money and Banking

We call for the repeal of all legal tender laws and reaffirm the right to private ownership of, and contracts for, gold. We favor abolition of government fiat money and compulsory government unit of account. We favor the use of a free-market commodity standard, such as gold coins denominated by units of weight. We favor deregulation of financial institutions and other businesses by ending the following:

  1. Requiring the chartering of banks.
  2. State usury laws.
  3. The limiting of branch banking.
  4. The governmental definition of different classes of financial institutions.
  5. The proscription of types of business which financial institutions are allowed to conduct including the underwriting and sale of insurance.
  6. The prohibition of branches of out-of-state banks.
  7. All laws or regulations controlling, regulating, or prohibiting the raising of funds or the sale of securities by an individual, partnership or corporation for any legal business purpose.
  8. The Equal Credit Opportunity Act, the Community Reinvestment Act and other measures that force banks and mortgage companies to fulfill quotas in making mortgage loans, and the federally sponsored lending code drawn up by the U.S.
    Department of Housing and Urban Development that seeks to impose such quotas under the guise of voluntary social responsibility. Such measures enforce governmental group preferences and will artificially channel scarce capital into unproductive projects.