Congressman Alex Mooney (R-WV) has introduced the Gold Standard Restoration Act to restore the purchasing power of the U.S. dollar and protect the currency from rising inflation.
“The gold standard would protect against Washington’s irresponsible spending habits and the creation of money out of thin air,” said Rep. Mooney in a statement.
“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,” he added.
The bill, H.R. 9157, would require the Federal Reserve and U.S. Treasury to disclose their gold holdings and transactions within 30 months. It would then peg the dollar to a fixed rate of gold at its current market price. Dollars would then become redeemable and exchangeable in gold for the first time in many decades.
“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,” the text of H.R. 9157 states.