The legislation, which Rep. Greg Walden (R-Ore.) plans to introduce, is in response to a proposal by Rep. Jerrold Nadler (D-N.Y.) for the U.S. Treasury to print a trillion-dollar coin to prevent the debt ceiling from being used as a negotiating tool by lawmakers.
"My bill will take the coin scheme off the table by disallowing the Treasury to mint platinum coins as a way to pay down the debt," Walden said in a statement on Monday. "We must reduce spending and get our fiscal house in order."
Walden also called Nadler's proposal "absurd and dangerous."
"This scheme to mint trillion dollar platinum coins is absurd and dangerous, and would be laughable if the proponents weren’t so serious about it as a solution," Walden said. "I’m introducing a bill to stop it in its tracks."
Nadler's idea has recently gained steam in the last week, with a number of economic pundits including New York Times columnist Paul Krugman arguing that President Obama should be "absolutely" open to printing a trillion coin if Republicans block him from raising the debt ceiling.