To authorize the Secretary of the Treasury to issue gold-backed bonds to the holders of accounts in federally insured financial institutions that are insolvent.
Gold-Backed Bond Act of 1989 - Authorizes the Secretary of the Treasury to issue obligations which are redeemable at maturity in gold and which: (1) have a face value of $10,000; (2) have an annual investment yield of two percent; and (3) mature ten years after the date of issuance.
Restricts the sale of such obligations to holders of accounts in insolvent financial institutions whose accounts are insured by either the Federal Savings and Loan Insurance Corporation or the Federal Deposit Insurance Corporation.
Introduced in House
Introduced in House
Referred to the House Committee on Banking, Finance + Urban Affrs.
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
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