A bill to provide that all Federal Reserve notes and other currencies of the United States shall be redeemable in gold.

Summary

Directs the Secretary of the Treasury to conduct a full inventory of U.S. gold reserves and analyze the sufficiency of security measures for such reserves. Requires the General Accounting Office to review and transmit such inventory to the Congress. Amends the Gold Reserve Act of 1934 to require congressional authorization to sell gold bullion. Amends the Trading With the Enemy Act to repeal the President's authority to regulate transactions in gold or silver coin or bullion during the time of war. Amends the Federal Reserve Act to repeal the Secretary's authority to require the exchange of gold coins, bullion, and certificates for other U.S. currency if necessary to protect the U.S. currency system. Directs the Secretary to redeem in gold all Federal Reserve and U.S. notes. Authorizes the Secretary to issue gold certificates for redeeming such notes and gold coins in denominations by weight.

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Documents

1 official file

• Introduced in House

  summary · EN · 3 January 1985

  Open at official source

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