Since the United States faces the double risks of inflation and bank collapses, three members of Congress have introduced a crucial sound money bill that would stable the Federal Reserve “dollar” for the first time in more than a half-century. The bill’s goal is to stabilize the value of the dollar.
Three Congressmen Alex Mooney, Andy Biggs, and Paul Gosar have finally Introduced the “Gold Standard Restoration Act,” H.R. 2435.
Upon the passage of H.R. 2435, the US Treasury Department and the Fed would be given 24 months to disclose all gold holdings and gold transactions to the public; after this period, the Federal Reserve “dollar” would officially be re-pegged at a fixed gold weight ratio at that time.
“A gold standard would protect against Washington’s irresponsible spending habits and the creation of money out of thin air. Prices would be shaped by economics rather than the instincts of bureaucrats. No longer would American families, businesses, and the economy as a whole be at the mercy of the Federal Reserve and reckless Washington spenders”Rep. Alex Mooney
According to monetary experts, if the bill is passed, the return to the gold standard will greatly minimize the economic harm caused by inflation, uncontrolled government debt, and monetary system instability.
To summarize, the Gold Standard Restoration Act might possibly give much-needed stability to the US economy by reducing inflation, reigning in government debt, and creating a more reliable monetary system, eventually helping both businesses and consumers.