I
107TH CONGRESS
2D SESSION
H. R. 3732
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
FEBRUARY 13, 2002
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:
‘‘(d) LIMIT ON USE OF FUND WITHOUT CONGRES-
SIONAL APPROVAL.—
‘‘(1) IN GENERAL.—Not withstanding 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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