Directs the Secretary of the Treasury to conduct a full inventory of U.S. gold reserves and analyze the sufficiency of security measures for such reserves. Requires the General Accounting Office to review and transmit such inventory to the Congress.
Amends the Gold Reserve Act of 1934 to require congressional authorization to sell gold bullion.
Amends the Trading With the Enemy Act to repeal the President's authority to regulate transactions in gold or silver coin or bullion during the time of war. Amends the Federal Reserve Act to repeal the Secretary's authority to require the exchange of gold coins, bullion, and certificates for other U.S. currency if necessary to protect the U.S. currency system.
Directs the Secretary to redeem in gold all Federal Reserve and U.S. notes. Authorizes the Secretary to issue gold certificates for redeeming such notes and gold coins in denominations by weight.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Domestic Monetary Policy.
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