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Three Republican congressmen introduce bill to restore gold standard
By JP Cortez
Money Metals News Service, Eaglo, Idaho
Tuesday, April 4, 2023
As America faces the twin threats of inflation and bank failures, three U.S. congressmen have introduced a pivotal sound money bill that would enable the Federal Reserve note "dollar" to regain stable footing for the first time in more than half a century.
Rep. Alex Mooney, R-W. Va., joined by Arizon Re;ublican Reps. Andy Biggs and Paul Gosar, have introduced H.R. 2435, the "Gold Standard Restoration Act," to facilitate the repegging of the volatile Federal Reserve note to a fixed weight of gold bullion.
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Upon passage of H.R. 2435, the U.S. Treasury and the Federal Reserve would be given 24 months to disclose all gold holdings and gold transactions, after which time the Federal Reserve note "dollar" would be formally repegged to a fixed weight of gold at its then-market price.
Federal Reserve notes would become fully redeemable for and exchangeable with gold at the new price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor. ...
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