H.R.2435 - Gold Standard Restoration Act was introduced to Congress on March 30th 2023 Representative Mooney and 3 co-sponsors. It has been referred to House Financial Services Committee. I wonder if this is being worked into the negotiations for the debt ceiling increase? - The Great Awakening

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H.R.2435 - Gold Standard Restoration Act was introduced to Congress on March 30th 2023 Representative Mooney and 3 co-sponsors. It has been referred to House Financial Services Committee. I wonder if this is being worked into the negotiations for the debt ceiling increase? 🔍 Read the BILL ! 👈

posted 1 year ago by jhartz39 1 year ago by jhartz39 +236 / -1

This Act may be cited as the “Gold Standard Restoration Act”.

https://www.congress.gov/bill/118th-congress/house-bill/2435/text

SEC. 3. DEFINE THE FEDERAL RESERVE NOTE DOLLAR IN TERMS OF GOLD.

Not later than the date that is 24 months after the date of the enactment of this Act—

(1) the Secretary of the Treasury (in this Act hereafter referred to as the “Secretary”) shall define the Federal reserve note dollar in terms of a fixed weight of gold, based on that day’s closing market price of gold;

(2) Federal reserve banks shall make Federal reserve notes redeemable for and exchangeable with gold at the fixed price determined under paragraph (1) and create processes that facilitate such redemptions and exchanges between member banks and the public; and

(3) if a Federal reserve bank does not fulfill its duties under paragraph (2), the Secretary shall make the redemption or exchange as guarantor and place a corresponding first and paramount lien on all assets of such bank.

Briggs, Cosar and Luna are the cosponsors.

EDIT: I had the wrong date in the title.

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