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Gold Standard Restoration Act

12/15/2023, 3:56 PM

Summary of Bill HR 2435

The Gold Standard Restoration Act, also known as Bill 118 hr 2435, is a piece of legislation introduced in the US Congress. The purpose of this bill is to restore the gold standard as the official monetary system of the United States.

Under the gold standard, the value of the US dollar would be tied to a specific amount of gold. This would mean that the government would be required to hold a certain amount of gold reserves to back up the value of the currency. Proponents of the gold standard argue that it would provide stability to the economy and prevent inflation.

The bill outlines the steps that would need to be taken to transition back to the gold standard, including establishing a new gold reserve and setting the exchange rate between gold and the US dollar. It also includes provisions for the Federal Reserve to gradually reduce its holdings of government securities and increase its holdings of gold. Opponents of the gold standard argue that it would limit the government's ability to respond to economic crises and would tie the value of the currency to a commodity that is subject to fluctuations in value. They also argue that the gold standard could lead to deflation and hinder economic growth. Overall, the Gold Standard Restoration Act is a controversial piece of legislation that seeks to fundamentally change the US monetary system. It has sparked debate among lawmakers and economists about the potential benefits and drawbacks of returning to the gold standard.

Congressional Summary of HR 2435

Gold Standard Restoration Act

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 and create processes to facilitate exchanges between banks and the public. 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 2435

Bill HR 2435 is currently in the status of Bill Introduced since March 30, 2023. Bill HR 2435 was introduced during Congress 118 and was introduced to the House on March 30, 2023.  Bill HR 2435's most recent activity was Referred to the House Committee on Financial Services. as of March 30, 2023

Bipartisan Support of Bill HR 2435

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
6
Democrat Cosponsors
0
Republican Cosponsors
6
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 2435

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Taxation

Alternate Title(s) of Bill HR 2435

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

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