Support Sound Money Policy Study

  Dear Friends,

My HJ 590 to study what to do in case of terrorist cyber-attacks on Virginia banks or other situations of economic collapse will be heard by the Senate Rules Committee Thursday afternoon, February 14, 2013. Please contact the members of the Senate Rules Committee and ask them to support HJ 590.

Contrary to what has been purported in some mainstream media the purpose of the HJ 590 is NOT to reinvent money. And it is NOT for Virginia to establish gold and silver coins as legal tender as payment for debt even though the Founders provided for that in 1789 (Const., Art 1, Sect. 10) and Utah is already doing it.

The main purpose of HJ 590 is to examine ways to restore the integrity of America's money and call attention to the need to establish a stable monetary foundation for a self-governing nation devoted to free markets and free people. Our money should provide a reliable unit of account and a dependable store of value, in keeping with the intent of our Founders.

Virginia banks and financial institutions recently sought help from the Pentagon to deal with foreign threats to their computers. In December 2012 the US Comptroller of the Currency alerted banks nationwide of the possibility of serious commerce-halting cyber-attacks on US banks. As recently as today the Washington Post reported that there is an ongoing problem with Chinese hacking of U.S. business websites.

Virginia needs to have a plan in place to deal with a serious economic breakdown whatever the cause and HJ 590 will give us the means to have that plan at the ready.

This bill is endorsed by Lewis Lehrman of the Lehrman Report; Dr. Ralph Benko, weekly columnist for Forbes (who wrote the article endorsing the bill here); George Melloan, contributor to the Wall Street Journal (who wrote the article here -accessible if you have a WSJ subscription); James Grant of Grant's Interest Rate Observer; Charles Kadlec, contributor to Forbes who wrote the Op-Ed here; Dr. Thomas Rustici of George Mason School of Economics; Dr. Lawrence White of George Mason University School of Economics; Dr. Edwin Vieira, author and expert on monetary policy; and Dr. Judy Shelton of the Atlas Sound Money Project, author of several books on the subject and contributor to the Wall Street Journal. There are also supportive pieces in the Roanoke Times, Weekly Standard and the New York Sun.

Senate Rules Committee

Chairman Ryan McDougle / district04@senate.virginia.gov / 804-698-7504 Senator Walter Stosch / district12@senate.virginia.gov / 804-698-7512 Senator Tommy Norment / district03@senate.virginia.gov / 804-698-7503 Senator Steve Martin / district11@senate.virginia.gov / 804-698-7511 Senator Emmett Hanger / district24@senate.virginia.gov / 804-698-7524 Senator Steve Newman / district23@senate.virginia.gov / 804-698-7523 Senator John Watkins / district10@senate.virginia.gov / 804-698-7510 Senator Frank Ruff / district15@senate.virginia.gov / 804-698-7515 Senator Frank Wagner / district07@senate.virginia.gov / 804-698-7507 Senator Mark Obenshain / district26@senate.virginia.gov / 804-698-7526 Senator Ralph Smith / district19@senate.virginia.gov / 804-698-7519 Senator Jill Holtzman-Vogel / district27@senate.virginia.gov / 804-698-7527 Senator Chuck Colgan / district29@senate.virginia.gov / 804-698-7529 Senator Dick Saslaw / district35@senate.virginia.gov / 804-698-7535 Senator Janet Howell / district32@senate.virginia.gov / 804-698-7532 Senator Louise Lucas / district18@senate.virginia.gov / 804-698-7518 Thank you.

Delegate Bob Marshall