I 

108TH CONGRESS 

1ST SESSION H. R. 2782

To amend title 31, United States Code, to limit the use by the President 

and the Secretary of the Treasury of the Exchange Stabilization Fund 

to buy or sell gold without congressional approval, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 17, 2003

Mr. PAUL introduced the following bill; which was referred to the Committee 

on Financial Services, and in addition to the Committee on Rules, for a 

period to be subsequently determined by the Speaker, in each case for 

consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL

To amend title 31, United States Code, to limit the use 

by the President and the Secretary of the Treasury of 

the Exchange Stabilization Fund to buy or sell gold 

without congressional approval, and for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Monetary Freedom 

5 and Accountability Act’’. 
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1 SEC. 2. LIMITATION ON USE OF EXCHANGE STABILIZATION 

2 FUND WITHOUT CONGRESSIONAL APPROVAL. 

3 Section 5302 of title 31, United States Code, is 

4 amended by adding at the end the following new sub5 section: 

6 ‘‘(e) LIMIT ON USE OF FUND WITHOUT CONGRES7 SIONAL APPROVAL.—

8 ‘‘(1) IN GENERAL.—Notwithstanding any other 

9 provision of law, the Secretary of the Treasury may 

10 not use the Exchange Stabilization Fund to buy, 

11 sell, or otherwise interfere in the market for gold for 

12 the purpose of affecting, or with the intent to affect, 

13 the free market price of gold, without approval from 

14 Congress, in the form of the adoption of a joint reso15 lution described in paragraph (3) or other Act of 

16 Congress, to engage in any such transaction. 

17 ‘‘(2) PRESENTING A REQUEST FOR A JOINT

18 RESOLUTION.—Whenever the Secretary of the 

19 Treasury determines it appropriate to use the Ex20 change Stabilization Fund to engage in a trans21 action described in paragraph (1), the Secretary 

22 shall submit a request for approval of such a trans23 action to the Speaker of the House, the Majority 

24 Leader of the Senate, the Chairman and the ranking 

25 minority member of the Committee on Financial 

26 Services of the House of Representatives, and the 
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1 Chairman and the ranking minority member of the 

2 Committee on Banking, Housing, and Urban Affairs 

3 of the Senate. 

4 ‘‘(3) JOINT RESOLUTION DESCRIBED.—The 

5 joint resolution referred to in paragraph (1) means 

6 a joint resolution the matter after the resolving 

7 clause of which is as follows: ‘That the Congress ap8 proves the request of the Secretary of the Treasury 

9 to use the Exchange Stabilization Fund to engage in 

10 any transaction described in the request of the Sec11 retary submitted on .’, the 

12 date of the submission under paragraph (2) being 

13 appropriately filled in. 

14 ‘‘(4) INTRODUCTION OF JOINT RESOLUTION.—

15 A joint resolution described in paragraph (3) shall 

16 be introduced in the House of Representatives on 

17 the first legislative day after receipt of the request 

18 under paragraph (1). 

19 ‘‘(5) DISCHARGE OF HOUSE COMMITTEE.—If 

20 the Committee on Financial Services of the House of 

21 Representatives has not reported a joint resolution 

22 described in paragraph (3) within 10 legislative days 

23 after the introduction of the resolution in accordance 

24 with paragraph (4), the committee shall be dis25 charged from further consideration and the resolu-
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1 tion shall be placed on the appropriate calendar of 

2 the House of Representatives. 

3 ‘‘(6) EXPEDITED PROCEDURE.—Subsections 

4 (d), (e), and (f) of section 208 of Public Law 100–

5 526 (102 Stat. 2632 et seq.) shall apply with respect 

6 to any joint resolution described in paragraph (3) 

7 which has been reported by the Committee on Fi8 nancial Services of the House of Representatives or 

9 from which such committee has been discharged 

10 from further consideration under paragraph (5).’’.

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