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 pur-
poses. 
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 com-
mittee 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.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Monetary Freedom 
and Accountability Act’’.
SEC. 2. LIMITATION ON USE OF EXCHANGE STABILIZATION 
FUND WITHOUT CONGRESSIONAL APPROVAL. 
Section 5302 of title 31, United States Code, is 
amended by adding at the end the following new sub-
section: 
‘‘(e) LIMIT ON USE OF FUND WITHOUT CONGRES-
SIONAL APPROVAL.—
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, the Secretary of the Treasury may 
not use the Exchange Stabilization Fund to buy, 
sell, or otherwise interfere in the market for gold for 
the purpose of affecting, or with the intent to affect, 
the free market price of gold, without approval from 
Congress, in the form of the adoption of a joint reso-
lution described in paragraph (3) or other Act of 
Congress, to engage in any such transaction. 
‘‘(2) PRESENTING
A
REQUEST
FOR
A
JOINT 
RESOLUTION.—Whenever 
the 
Secretary 
of 
the 
Treasury determines it appropriate to use the Ex-
change Stabilization Fund to engage in a trans-
action described in paragraph (1), the Secretary 
shall submit a request for approval of such a trans-
action to the Speaker of the House, the Majority 
Leader of the Senate, the Chairman and the ranking 
minority member of the Committee on Financial 
Services of the House of Representatives, and the
Chairman and the ranking minority member of the 
Committee on Banking, Housing, and Urban Affairs 
of the Senate. 
‘‘(3) JOINT
RESOLUTION
DESCRIBED.—The 
joint resolution referred to in paragraph (1) means 
a joint resolution the matter after the resolving 
clause of which is as follows: ‘That the Congress ap-
proves the request of the Secretary of the Treasury 
to use the Exchange Stabilization Fund to engage in 
any transaction described in the request of the Sec-
retary submitted on 
.’, the 
date of the submission under paragraph (2) being 
appropriately filled in. 
‘‘(4) INTRODUCTION OF JOINT RESOLUTION.—
A joint resolution described in paragraph (3) shall 
be introduced in the House of Representatives on 
the first legislative day after receipt of the request 
under paragraph (1). 
‘‘(5) DISCHARGE
OF
HOUSE
COMMITTEE.—If 
the Committee on Financial Services of the House of 
Representatives has not reported a joint resolution 
described in paragraph (3) within 10 legislative days 
after the introduction of the resolution in accordance 
with paragraph (4), the committee shall be dis-
charged from further consideration and the resolu-
tion shall be placed on the appropriate calendar of 
the House of Representatives. 
‘‘(6) 
EXPEDITED
PROCEDURE.—Subsections 
(d), (e), and (f) of section 208 of Public Law 100–
526 (102 Stat. 2632 et seq.) shall apply with respect 
to any joint resolution described in paragraph (3) 
which has been reported by the Committee on Fi-
nancial Services of the House of Representatives or 
from which such committee has been discharged 
from further consideration under paragraph (5).’’.
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