A bill to provide for the reinstatement of the dollar as a gold reserve currency, to stabilize the value of the dollar, and for other purposes.
Gold Reserve Act of 1980 - Cancels the gold certificates issued pursuant to the Gold Reserve Act of 1934. Transfers the right to the gold to the Federal Reserve banks holding such certificates.
Requires such banks to buy and sell gold at specified prices in return for payment with Federal Reserve notes. Restricts changes in the monetary base based on the amount of gold reserves. Requires the Board of Governors of the Federal Reserve System to proclaim a gold holiday if gold reserves fall below or exceed by specified percentages the target reserve quantity.
Directs the Secretary of the Treasury to issue gold coins to meet public demand.
Amends the Federal Reserve Act to repeal the authority of the Secretary of the Treasury to call in all gold.
Introduced in Senate
Read second time and referred to Senate Committee on Banking.
Committee on Banking requested executive comment from Federal Reserve System; Federal Deposit Insurance Corporation.
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