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To define the dollar as a fixed weight of gold, and for other purposes.

12/29/2022, 1:34 PM

Summary of Bill HR 9157

Bill 117 HR 9157, titled "To define the dollar as a fixed weight of gold, and for other purposes," aims to establish a new definition for the US dollar by tying it to a fixed weight of gold. This bill seeks to return to the gold standard, a monetary system where the value of a country's currency is directly linked to a specific amount of gold.

If passed, this legislation would have significant implications for the US economy and monetary policy. Supporters of the gold standard argue that it provides stability and limits inflation by anchoring the value of the currency to a tangible asset. However, critics argue that it can restrict economic growth and flexibility in times of financial crisis.

The bill also includes provisions for other purposes, which could potentially impact various aspects of the US financial system. It is important to note that the gold standard has not been in place in the US since 1971 when President Richard Nixon ended the convertibility of the US dollar into gold. Overall, Bill 117 HR 9157 represents a significant shift in US monetary policy and would require careful consideration and analysis by lawmakers and economists before implementation.

Congressional Summary of HR 9157

This bill requires the Department of the Treasury to define the Federal Reserve note dollar in terms of a fixed weight of gold, based on that day's closing market price of gold. Federal Reserve Banks must exchange Federal Reserve notes with gold at this price. If a Federal Reserve Bank does not do this, Treasury must make any exchange and place a corresponding lien on the assets of that bank.

In addition, Treasury and the Board of Governors of the Federal Reserve must report on U.S. gold holdings.

Current Status of Bill HR 9157

Bill HR 9157 is currently in the status of Bill Introduced since October 7, 2022. Bill HR 9157 was introduced during Congress 117 and was introduced to the House on October 7, 2022.  Bill HR 9157's most recent activity was Referred to the House Committee on Financial Services. as of October 7, 2022

Bipartisan Support of Bill HR 9157

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
4
Democrat Cosponsors
0
Republican Cosponsors
4
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 9157

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 9157

To define the dollar as a fixed weight of gold, and for other purposes.
To define the dollar as a fixed weight of gold, and for other purposes.

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