WASHINGTON, DC – Today, Congressman Alex X. Mooney addressed the United States House of Representatives on H.R. 9157, the “Gold Standard Restoration Act.” View his House Floor speech HERE.
The Gold Standard Restoration Act calls for the U.S. Treasury and the Federal Reserve to publicly disclose all gold holdings and gold transactions within 30 months, after which time the Federal Reserve note “dollar” would be pegged to a fixed weight of gold at its then-market price. Federal Reserve notes would become fully redeemable for and exchangeable with gold at the new fixed price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor.
“The gold standard would protect against Washington’s irresponsible spending habits and the creation of money out of thin air,” said Congressman Alex X. Mooney. ”Prices would be shaped by economics rather than the instincts of bureaucrats. No longer would our economy be at the mercy of the Federal Reserve and reckless Washington spenders.”