A bill to amend the Par Value Modification Act.

Summary

Authorizes the Secretary of the Treasury to establish a new par value of the dollar of $1 equals 0.828948 Special Drawing Right or, the equivalent in terms of gold, of $1 equals 0.023684 of a fine troy ounce of gold (presently one thirty-eighth of a fine troy ounce of gold) for the purpose of defining the legal standard for the relationship of the dollar to gold for the purpose of issuing gold certificates. (Amends P.L. 92-268). Expresses the sense of the Congress that the President shall take all appropriate action to expedite realization of the international monetary reform noted at the Smithsonian on December 18, 1971; and that the executive branch shall not intervene in the foreign exchange market to artificially prop up the dollar to deal with fundamental misalignments in the U.S. payments position.

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Documents

1 official file

• Introduced in House

  summary · EN · 7 March 1973

  Open at official source

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