Keith Mack
Congress has the power to regulate the currency of the country, and can borrow money, coin money, and regulate the value of both U.S. and foreign coins. However, it is unclear whether Congress has the power to print paper money. In the past, Congress has authorised the Secretary of the Treasury to issue additional money in United States notes, if needed, for the payment of the Army and Navy.
| Characteristics | Values |
|---|---|
| Congress's power to regulate the currency | Article I, Section 8 of the Constitution gives Congress the power to "coin money and regulate the value" of both U.S. and foreign coins |
| Congress's power to borrow money | Article I, Section 8 of the Constitution gives Congress the power to "borrow money" |
| Congress's power to raise money by loans | Congress can raise money by loans by giving support to public credit and creating a uniform currency |
| Congress's power to issue United States notes | Congress can direct the Secretary of the Treasury to issue additional United States notes if needed |
What You'll Learn
Congress can punish anyone who produces counterfeit money
Article I, Section 8 of the US Constitution gives Congress the power to "coin money and regulate the value" of both US and foreign coins, and regulate interstate commerce. This includes the power to punish anyone who produces counterfeit money.
The Supreme Court has interpreted the counterfeiting clause as allowing Congress to punish the use of counterfeit money. This power is derived from the necessary and proper clause, which allows Congress to enact "all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers and all other Powers vested by this Constitution in the Government of the United States".
The counterfeiting clause, also known as Article I, Section 8, Clause 6, specifically prohibits the creation of counterfeit coins or money. However, it does not ban the use of counterfeit money in financial transactions.
Congress has passed laws that punish the importation and use of counterfeit money. These laws are based on Congress's power to regulate commerce and protect the integrity of US currency.
In addition to punishing the creation and use of counterfeit coins, Congress can also punish the counterfeiting of securities, such as banknotes.
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Congress has the power to coin money
The Supreme Court has interpreted the counterfeiting clause as allowing Congress to punish the use of counterfeit money. This is because of the necessary and proper clause, which allows Congress to enact "all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers and all other Powers vested by this Constitution in the Government of the United States".
Article I, Section 8 of the Constitution specifically gives Congress the power to "borrow money" and "coin money and regulate the value" of both US and foreign coins. It also gives Congress the power to regulate interstate commerce.
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Congress can regulate the value of money
The necessary and proper clause also allows Congress to pass federal laws necessary for carrying out its powers. This means that Congress has the authority to enact laws that are necessary and proper for executing its powers, including those related to currency and its value.
Additionally, Congress has the power to punish anyone who produces counterfeit money. This power is derived from the counterfeiting clause, which the Supreme Court has interpreted as allowing Congress to pass laws to prevent and punish the use of counterfeit money.
Overall, Congress has significant authority over the value of money in the US. Through various constitutional clauses and interpretations by the Supreme Court, Congress can regulate the minting, value, and circulation of currency, as well as enact laws to protect the integrity of the monetary system.
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Congress can borrow money
Article I, Section 8 of the US Constitution gives Congress the power to "borrow money", as well as the power to "coin money and regulate the value" of both US and foreign coins, and regulate interstate commerce. The Supreme Court has interpreted this to mean that Congress has the sole authority to regulate every aspect of US currency. This includes the power to establish banks and manage the circulation of money.
The necessary and proper clause allows Congress to pass federal laws necessary for carrying out its powers. The counterfeiting clause allows Congress to punish the use of counterfeit money.
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Congress can establish banks
The Constitution grants Congress authority over the currency of the United States. This includes the powers to mint money and determine its value. Congress also has the power to punish anyone who produces counterfeit money.
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Frequently asked questions
No, Congress does not have the power to print money.
Yes, Congress has the power to regulate the currency of the country.
Yes, Article I, Section 8 of the Constitution specifically gives Congress the power to borrow money.
Yes, Congress has the power to regulate the value of both U.S. and foreign coins.
No, the delegates at the Constitutional Convention rejected a clause that would have given Congress the authority to issue paper money.
