I 

118TH CONGRESS 

1ST SESSION H. R. 2435 

To define the dollar as a fixed weight of gold, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 30, 2023 

Mr. MOONEY (for himself, Mr. BIGGS, and Mr. GOSAR) introduced the 

following bill; which was referred to the Committee on Financial Services 

A BILL 

To define the dollar as a fixed weight of gold, 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 ‘‘Gold Standard Res5 toration Act’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

8 (1) The Federal reserve note has lost more than 

9 40 percent of its purchasing power since 2000, and 

10 97 percent of its purchasing power since the passage 

11 of the Federal Reserve Act in 1913. 


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1 (2) Under the 2 percent inflation objective of 

2 the Board of Governors of the Federal Reserve Sys3 tem (in this Act hereafter referred to as the ‘‘Fed4 eral Reserve’’), the dollar loses half of its purchasing 

5 power every generation, or 35 years. 

6 (3) At times, including 2021 and 2022, Federal 

7 Reserve actions helped create inflation rates of 8 

8 percent or higher, increasing the cost of living for 

9 many Americans to untenable levels. 

10 (4) American families need long-term price sta11 bility to meet their household spending needs, save 

12 money, and plan for retirement. 

13 (5) The Federal Reserve policy of long-term in14 flation has made American manufacturing uncom15 petitive, raising the cost of United States manufac16 tured goods by more than 40 percent since 2000, 

17 compared to less than 20 percent in Germany and 

18 France. 

19 (6) Since 2000, United States manufacturing 

20 employment has declined by at least 25 percent after 

21 having remained steady at nearly 18,000,000 jobs 

22 for more than 30 years. 

23 (7) The American economy needs a stable dol24 lar, fixed exchange rates, and money supply con25 trolled by the market not the government. 


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1 (8) The gold standard puts control of the 

2 money supply with the market instead of the Fed3 eral Reserve, discourages excessive deficit spending, 

4 and encourages the balancing of Federal budgets. 

5 (9) The gold standard means legal tender de6 fined by and convertible into a certain quantity of 

7 gold. 

8 (10) Under the gold standard through 1913 the 

9 United States economy grew at an annual average of 

10 four percent, one-third larger than the growth rate 

11 since then and twice the level since 2000. 

12 (11) The Federal Reserve’s trickle down policy 

13 of expanding the money supply has primarily en14 riched the owners of financial assets while it has en15 dangered the jobs, wages, and savings of blue-collar 

16 workers. 

17 (12) Restoring American middle-class pros18 perity requires change in monetary policy authorized 

19 to Congress in Article I, Section 8, Clause 5 of the 

20 Constitution. 

21 SEC. 3. DEFINE THE FEDERAL RESERVE NOTE DOLLAR IN 

22 TERMS OF GOLD. 

23 Not later than the date that is 24 months after the 

24 date of the enactment of this Act— 


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1 (1) the Secretary of the Treasury (in this Act 

2 hereafter referred to as the ‘‘Secretary’’) shall define 

3 the Federal reserve note dollar in terms of a fixed 

4 weight of gold, based on that day’s closing market 

5 price of gold; 

6 (2) Federal reserve banks shall make Federal 

7 reserve notes redeemable for and exchangeable with 

8 gold at the fixed price determined under paragraph 

9 (1) and create processes that facilitate such redemp10 tions and exchanges between member banks and the 

11 public; and 

12 (3) if a Federal reserve bank does not fulfill its 

13 duties under paragraph (2), the Secretary shall 

14 make the redemption or exchange as guarantor and 

15 place a corresponding first and paramount lien on 

16 all assets of such bank. 

17 SEC. 4. DISCLOSURE OF HOLDINGS. 

18 To enable the market and market participants to ar19 rive at the fixed Federal Reserve note dollar-gold parity 

20 in an orderly fashion, during the 24-month period fol21 lowing the date of enactment of this Act— 

22 (1) the Secretary and the Federal Reserve shall 

23 each make publicly available, in both electronic and 

24 published format, all holdings of gold, with a report 

25 of any purchases, sales, swaps, leases, and any other 


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1 financial transactions involving gold, since the tem2 porary suspension in August 15, 1971, of gold 

3 redeemability obligations under the Bretton Woods 

4 Agreement of 1944; and 

5 (2) the Secretary and the Federal Reserve shall 

6 make publicly available, in both electronic and pub7 lished formats, all records pertaining to redemptions 

8 and transfers of United States gold in the 10 years 

9 preceding the temporary suspension in August 15, 

10 1971, of gold redeemability obligations under the 

11 Bretton Woods Agreement of 1944. 

Æ 


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