Precious Metals
U.S. Congressman Introduces Gold Standard Bill as Inflation Spirals Out of Control
America’s currency would regain stable footing for the first time in half a century if a bill just introduced by U.S. Representative Alex Mooney (R-WV) becomes law.
Washington, DC – America’s currency would regain stable footing for the first time in half a century if a bill just introduced by U.S. Representative Alex Mooney (R-WV) becomes law.
Referred to as the “Gold Standard Restoration Act” by sound money activists, H.R. 9157 calls for the repegging of the Federal Reserve note to gold in order to address the ongoing problems of inflation, runaway federal debt, and monetary system instability.
Upon passage of H.R. 9157, the U.S. Treasury and the Federal Reserve would have 30 months to publicly disclose all gold holdings and gold transactions, after which time the Federal Reserve note “dollar” would be pegged to a fixed weight of gold at its then-market price.
The Gold Standard Restoration Act also makes several findings as to the harm the Federal Reserve System has inflicted on everyday Americans – particularly since President Richard Nixon “temporarily suspended” gold backing of America’s monetary system in 1971.
H.R. 9157 points out the following: “The Federal Reserve note has lost more than 30 percent of its purchasing power since 2000, and 97 percent of its purchasing power since the passage of the Federal Reserve Act in 1913.”
Economists have observed that the elimination of gold redeemability from the monetary system freed central bankers and federal government officials from accountability when they irresponsibly expand the money supply, fund government deficits though trillion-dollar bond purchases, or otherwise manipulate the economy.
Notably, Rep. Mooney’s bill would also require full disclosure of all central bank and U.S. government gold holdings and gold-related financial transactions over the last 6 decades – a seemingly taboo subject surrounded by mystery and deception.
Furthermore, H.R. 9157 requires the Fed and the Treasury to disclose “all records pertaining to redemptions and transfers of United States gold in the 10 years preceding the temporary suspension in August 15, 1971, of gold redeemability obligations.”
The full text of Rep. Mooney’s gold standard bill can be found here. It was introduced on October 7, 2022, and referred to the House Committee on Financial Services.
The Sound Money Defense League is a non-partisan public policy group working nationally to restore sound money at the state and federal level and publisher of the Sound Money Index.
dollar gold silver inflation monetary reserve policy money supply metals fed central bank debasement
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