- Democratic Reps. Rashida Tlaib and Pramila Jayapal on Tuesday introduced legislation that would provide everyone in the U.S. with a one-time payment of $2,000 and monthly recurring payments of $1,000 thereafter in an effort to provide sustained relief to the millions struggling amid the ongoing pandemic.
- The Automatic BOOST to Communities (ABC) Act proposes financing the payments with an unconventional plan that would direct the Treasury Department to use its legal authority to mint as many $1 trillion platinum coins as necessary to fund the legislation, which would continue until a year after the public health emergency ends.
- As Matthew O’Brien explained in The Atlantic at the time, federal law “lets the Treasury create coins in whatever value it wants, even $1 trillion.” “It’s all straightforward enough,” O’Brien wrote. “The Treasury would create one of these coins, deposit it at the Federal Reserve, and use the new money in its account to pay our bills.”
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