Gold Standard Restoration Act

Subjects: Finance and Financial Sector, Taxation

Summary:  <p><b>Gold Standard Restoration Act</b></p> <p>This bill requires the Department of the Treasury to define the Federal Reserve note dollar in terms of a fixed weight of gold, based on that day's closing market price of gold. Federal Reserve Banks must exchange Federal Reserve notes with gold at this price and create processes to facilitate exchanges between banks and the public. If a Federal Reserve Bank does not do this, Treasury must make any exchange and place a corresponding lien on the assets of that bank.</p> <p>In addition, Treasury and the Board of Governors of the Federal Reserve must report on U.S. gold holdings.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2435 Introduced in House (IH)]

&lt;DOC&gt;






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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Gold Standard Restoration Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The Federal reserve note has lost more than 40 percent 
        of its purchasing power since 2000, and 97 percent of its 
        purchasing power since the passage of the Federal Reserve Act 
        in 1913.
            (2) Under the 2 percent inflation objective of the Board of 
        Governors of the Federal Reserve System (in this Act hereafter 
        referred to as the ``Federal Reserve''), the dollar loses half 
        of its purchasing power every generation, or 35 years.
            (3) At times, including 2021 and 2022, Federal Reserve 
        actions helped create inflation rates of 8 percent or higher, 
        increasing the cost of living for many Americans to untenable 
        levels.
            (4) American families need long-term price stability to 
        meet their household spending needs, save money, and plan for 
        retirement.
            (5) The Federal Reserve policy of long-term inflation has 
        made American manufacturing uncompetitive, raising the cost of 
        United States manufactured goods by more than 40 percent since 
        2000, compared to less than 20 percent in Germany and France.
            (6) Since 2000, United States manufacturing employment has 
        declined by at least 25 percent after having remained steady at 
        nearly 18,000,000 jobs for more than 30 years.
            (7) The American economy needs a stable dollar, fixed 
        exchange rates, and money supply controlled by the market not 
        the government.
            (8) The gold standard puts control of the money supply with 
        the market instead of the Federal Reserve, discourages 
        excessive deficit spending, and encourages the balancing of 
        Federal budgets.
            (9) The gold standard means legal tender defined by and 
        convertible into a certain quantity of gold.
            (10) Under the gold standard through 1913 the United States 
        economy grew at an annual average of four percent, one-third 
        larger than the growth rate since then and twice the level 
        since 2000.
            (11) The Federal Reserve's trickle down policy of expanding 
        the money supply has primarily enriched the owners of financial 
        assets while it has endangered the jobs, wages, and savings of 
        blue-collar workers.
            (12) Restoring American middle-class prosperity requires 
        change in monetary policy authorized to Congress in Article I, 
        Section 8, Clause 5 of the Constitution.

SEC. 3. DEFINE THE FEDERAL RESERVE NOTE DOLLAR IN TERMS OF GOLD.

    Not later than the date that is 24 months after the date of the 
enactment of this Act--
            (1) the Secretary of the Treasury (in this Act hereafter 
        referred to as the ``Secretary'') shall define the Federal 
        reserve note dollar in terms of a fixed weight of gold, based 
        on that day's closing market price of gold;
            (2) Federal reserve banks shall make Federal reserve notes 
        redeemable for and exchangeable with gold at the fixed price 
        determined under paragraph (1) and create processes that 
        facilitate such redemptions and exchanges between member banks 
        and the public; and
            (3) if a Federal reserve bank does not fulfill its duties 
        under paragraph (2), the Secretary shall make the redemption or 
        exchange as guarantor and place a corresponding first and 
        paramount lien on all assets of such bank.

SEC. 4. DISCLOSURE OF HOLDINGS.

    To enable the market and market participants to arrive at the fixed 
Federal Reserve note dollar-gold parity in an orderly fashion, during 
the 24-month period following the date of enactment of this Act--
            (1) the Secretary and the Federal Reserve shall each make 
        publicly available, in both electronic and published format, 
        all holdings of gold, with a report of any purchases, sales, 
        swaps, leases, and any other financial transactions involving 
        gold, since the temporary suspension in August 15, 1971, of 
        gold redeemability obligations under the Bretton Woods 
        Agreement of 1944; and
            (2) the Secretary and the Federal Reserve shall make 
        publicly available, in both electronic and published formats, 
        all records pertaining to redemptions and transfers of United 
        States gold in the 10 years preceding the temporary suspension 
        in August 15, 1971, of gold redeemability obligations under the 
        Bretton Woods Agreement of 1944.
                                 &lt;all&gt;
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