Public Law 88-36
The House of Representatives took up the President's request early in 1963, and passed HR 5389 on April 10, 1963, by a vote of 251 to 122. The Senate passed the bill on May 23, by a vote of 68 to 10.
President Kennedy signed the bill into law on June 4, 1963 and also signed an executive order (11110) authorizing the Treasury Secretary to continue printing silver certificates during the transition period. The act, which became Public Law 88-36 (77 Stat. 54), repealed the Silver Purchase Act of 1934 and related laws, repealed a tax on silver transfers, and authorized the Federal Reserve to issue one- and two-dollar bills, in addition to the notes they were already issuing. The Silver Purchase Act had authorized and required the Secretary Treasury to buy silver and issue silver certificates. With its repeal, the President needed to delegate to the Treasury Secretary the President's own authority under the Agricultural Adjustment Act.
Read more about this topic: Executive Order 11110
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