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. 
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 ‘‘Gold Standard Res-
toration 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. 
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(2) Under the 2 percent inflation objective of 
the Board of Governors of the Federal Reserve Sys-
tem (in this Act hereafter referred to as the ‘‘Fed-
eral 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 sta-
bility to meet their household spending needs, save 
money, and plan for retirement. 
(5) The Federal Reserve policy of long-term in-
flation has made American manufacturing uncom-
petitive, raising the cost of United States manufac-
tured 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 dol-
lar, fixed exchange rates, and money supply con-
trolled by the market not the government. 
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(8) The gold standard puts control of the 
money supply with the market instead of the Fed-
eral Reserve, discourages excessive deficit spending, 
and encourages the balancing of Federal budgets. 
(9) The gold standard means legal tender de-
fined 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 en-
riched the owners of financial assets while it has en-
dangered the jobs, wages, and savings of blue-collar 
workers. 
(12) Restoring American middle-class pros-
perity 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— 
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(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 redemp-
tions 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 ar-
rive at the fixed Federal Reserve note dollar-gold parity 
in an orderly fashion, during the 24-month period fol-
lowing 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 
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financial transactions involving gold, since the tem-
porary 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 pub-
lished 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. 
Æ 
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