Gold Standard Bill Introduced, Will It Pass?

West Virginian Congressman Alex Mooney spoke on behalf of his return to a Gold Standard Bill introduced two months ago, with near no chance of being considered seriously yet.

This bill H.R. 9157, if ever enacted into law, would require the Department 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 gold price. Federal Reserve Banks must exchange Federal Reserve notes with gold at this price. If a Federal Reserve Bank does not do this, the Treasury must make any exchange and place a corresponding lien on that bank's assets.

In addition, the Treasury and the Federal Reserve Board of Governors must report on U.S. gold holdings.