Gold Standard Restoration Act
- Last Action
- 3/30/2023
Actions
- 2023-03-30Referred to the House Committee on Financial Services.
- 2023-03-30Introduced in House
- 2023-03-30Introduced in House
CRS Summary
As of 2023-03-30 (00)
Gold Standard Restoration Act
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.
In addition, Treasury and the Board of Governors of the Federal Reserve must report on U.S. gold holdings.
Cosponsors (3)
- Andy Biggs (R-AZ)
- Paul Gosar (R-AZ)
- Anna Paulina Luna (R-FL)
Sourced from Congress.gov (public domain).
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