Gold Bond Act of 1992

Summary

Gold Bond Act of 1992 - Directs the Secretary of the Treasury to issue Government obligations that: (1) total $100,000,000,000 or 250,000,000 ounces of gold, whichever is greater; (2) have an annual investment yield not exceeding 2.00 percent; (3) mature at the later of 40 years after issuance or October 1, 2032; (4) have principal and interest redeemable at maturity in one ounce gold (Eagle) coins; (5) shall be known as "Eagle bonds"; and (6) the enforcement of which, as to payment of both principal and interest in Eagle coins, is perpetually immune from any assertion of sovereign immunity from suit by the United States, any claimed privilege of the United States to refuse to pay out or deliver Eagle coins or gold in any form, or any claimed power of the United States to require any person to surrender, or to seize from any person, Eagle coins or gold in any form legally held by such person. Requires the Secretary to issue gold certificates: (1) that have values of one ounce, one-half ounce, and one-tenth of an ounce gold (Eagle) coins; (2) that are redeemable at face value on demand, (3) that shall be known as "Eagle certificates"; and (4) the enforcement of which, as to redeemability at face value on demand, shall be perpetually immune from any assertion of sovereign immunity from suit by the United States, any claimed privilege of the United States to refuse to pay out or deliver Eagle coins or gold in any form, any claimed power of the United States to require any person to surrender Eagle certificates, Eagle coins, or gold in any form, any claimed power of the United States to involuntarily acquire from any person Eagle certificates, Eagle coins, or gold in any form, and any claimed power of the United States to redeem Eagle certificates in any coin or currency other than Eagle coins. Prohibits the issuance of Government securities with maturities of less than one year after October 1, 1992. Prohibits Federal Reserve banks and commercial banks from owning Eagle bonds. Allows foreign central banks, foreign commercial banks, and private individuals in foreign countries to acquire Eagle bonds by depositing gold with any central bank which holds earmarked gold at the Federal Reserve Bank of New York. Authorizes the issuance of additional Eagle bonds to replace Treasury bills issued before October 1, 1992, as such Treasury bills mature. Specifies that such additional Eagle bonds may not be issued for maturity periods of less than 25 years. Requires the Secretary to maintain a sinking fund of gold coins the purpose of which is to keep the market value of Eagle bonds at or near par. Provides for the replenishment of such fund. Declares to be unconstitutional and repeals provisions prohibiting the Government from paying out or delivering any gold coin and withdrawing the consent to sue or make a claim on a gold clause public debt obligation.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 20 May 1991

   Introduced

   Referred to the House Committee on Banking, Finance + Urban Affrs.

   Source: IntroReferral

2. 20 May 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 20 May 1991

   Introduced

   Introduced in House

   Source: IntroReferral

4. 3 June 1991

   Referred

   Referred to the Subcommittee on Consumer Affairs and Coinage.

   Source: Committee

Votes

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Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 20 May 1991

  Open at official source

Sponsors

• Rep. Dannemeyer, William E. [R-CA-39] · R · Sponsor
• · hsba00 · Standing

Related records

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