Gold Standard Act of 1984

Summary

Gold Standard Act of 1984 - Requires the Secretary of the Treasury, by one year after enactment of this Act, to establish a permanent definition of the dollar, expressed as a fixed weight of gold, nine-tenths fine. Declares that the dollar so defined shall be the standard and unit of value of the United States. Permits any person, after such time, to redeem for gold at any Federal Reserve bank any currency or coin of the United States or any demand note or demand liability of a Federal Reserve bank. Requires the Secretary to mint gold coins in such weights, denominations, and forms as will best serve the maintenance of gold payments and the needs of commerce. Makes such gold coins legal tender for all debts, public charges, taxes, and dues. Permits the exchange of gold bullion for gold coins which contain an equal weight of fine gold minus a charge which shall not exceed mint costs and related expenses. Requires the Secretary and the Board of Governors of the Federal Reserve System to prescribe rules and regulations to carry out this Act. Repeals restrictions on gold payments and gold ownership.

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1 official file

• Introduced in House

  summary · EN · 29 June 1984

  Open at official source

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