Gold Standard Act of 1987

Summary

Gold Standard Act of 1987 - Permits the Secretary of the Treasury, beginning on October 1, 1987, to issue only obligations that: (1) yield not over 2.5 percent annually; (2) may not be redeemed before October 1, 2027, or issued for less than a 25-year maturity; (3) are redeemable in gold Eagle coins; and (4) are known as Eagle Bonds. Requires all U.S. currency to be redeemable in gold Eagle coins which shall be the standard unit of value of money for the United States beginning on October 1, 1988. Directs the Secretary to: (1) mint and issue Eagle coins; (2) maintain all forms of U.S. currency and coin at a parity of value with the Eagle coin; (3) post a daily bid and ask price for gold for the period of October 1, 1987, to October 1, 1988; and (4) establish and fix the official rate of parity between the Eagle coin and the dollar as the arithmetic mean between the bid price and the ask price for gold on October 1, 1988. Prohibits the Secretary from limiting the amount of gold traded at any bid or ask price.

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1 official file

• Introduced in House

  summary · EN · 6 January 1987

  Open at official source

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