United States Gold Bond Act

Summary

United States Gold Bond Act - Amends the Second Liberty Bond Act to permit the Secretary of the Treasury, with the approval of the President and subject to the limitation established by such Act, to issue United States gold bonds. Declares that the proceeds of such bonds will be available to meet any public expenditures authorized by law and to retire any outstanding obligations of the United States bearing interest or issued on a discount basis. States that such bonds shall be issued only on an interest-bearing basis, shall bear interest at the rate of two percent per year, shall mature 50 years after issuance, and shall be redeemable before maturity upon such terms and conditions as the Secretary may prescribe. Requires such bonds to be issued in denominations of one, five, and ten kilograms of gold. Requires that any payment of interest on any such bond, or any payment at redemption, be made in gold or its dollar equivalent, whichever is the preference of the holder of such bond. Permits the Secretary to provide that the holders of such bonds may, at the option of such holders, retain such bonds after maturity and continue to earn interest upon them.

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1 official file

• Introduced in House

  summary · EN · 22 November 1981

  Open at official source

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