US Congressman Introduces Gold Standard Bill As Inflation Spirals Out Of Control

[PAF]

By Tyler Durden
Oct 11, 2022


Submitted by Jp Cortez, Policy Director, Sound Money Defense League

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.

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.


Continue to full article:

https://www.zerohedge.com/political...d-standard-bill-inflation-spirals-out-control

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Alex Mooney
Representative
West Virginia District 2nd
Republican
Freedom Index Score: 76%

https://thenewamerican.com/freedom-index/legislator/m001195/


Still, instead of complaining without doing anything about it, it wouldn't hurt to contact your representative (202) 224-3121 to urge them to support H.R. 9157. Operators are standing by.

 

[GlennwaldSnowdenAssanged]

Does US even have any more gold? Maybe should consider linking the dollar to Scrap Aluminum.

 

[PAF]

Does US even have any more gold? Maybe should consider linking the dollar to Scrap Aluminum.

Even that would be a great improvement.

 

[acptulsa]

Does US even have any more gold?

I have it on good authority that the main thing you'll find in Ft. Knox these days is one hell of an echo.

 

[WisconsinLiberty]

Support H.R. 9157, the Gold Standard Restoration Act

Support H.R. 9157, the Gold Standard Restoration Act


Alert Summary

H.R. 9157, the Gold Standard Restoration Act, has been introduced in Congress — adhering to the U.S. Constitution and bringing back sound-money policies. It is imperative that Congress enact this bill!


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Legislation has been introduced in Congress to restore the gold standard — adhering to the U.S. Constitution and bringing back sound-money policies. It is imperative that Congress enact this bill!

H.R. 9157, titled the Gold Standard Restoration Act, is sponsored by U.S. Representative Alex Mooney (R-W.Va.). If enacted, it would be a significant step to restoring sanity to U.S. monetary policy.

In its list of legislative findings, the bill correctly notes that “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,” and it notes that under official Fed policy, “the dollar loses half of its purchasing power every … 35 years.”

Emphasizing the need for “a stable dollar, fixed exchange rates, and money supply controlled by the market not the government,” H.R. 9157 states that returning to the gold standard is necessary for monetary and fiscal sanity, along with limited government. It states, “The gold standard puts control of the money supply with the market instead of the Federal Reserve, discourages excessive deficit spending, and encourages the balancing of Federal budgets.”

Substantively, H.R. 9157 — as the bill title suggests — restores the gold standard for the U.S. dollar. Specifically, it requires the Secretary 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,” and to make them “redeemable for and exchangeable with gold.”

Additionally, the bill requires the Federal Reserve to fully disclose all its gold holdings, along with all gold transactions since 1961. This would go a long way toward bringing to light the Fed’s activities that very few people are aware of due to the unconstitutional entity’s secrecy and lack of congressional oversight.

Ultimately, the Federal Reserve is a significant danger to liberty, one that is simultaneously degrading people’s livelihoods and our nation’s prosperity. Not only is the central bank unconstitutional, but it has a key role in the conspiracy to bring about a one-world socialist government.

Ultimately, Congress must completely abolish the Federal Reserve. However, H.R. 9157 would be a great first step toward restoring adherence to the Constitution and sound monetary policy. Urge your U.S. representative and senators to support this bill.

 

[WisconsinLiberty]

Cosponsor: 11/07/2022: Rep. Gosar, Paul A. [R-AZ-4]

 

[WisconsinLiberty]

Cosponsor: 11/17/2022: Rep. Biggs, Andy [R-AZ-5]