Reps. Alex Mooney (R-W.V.), Andy Biggs (R-Az.), and Paul Gosar (R-Az.) say that HR 2435, also known as the "Gold Standard Restoration Act," will help to restabilize the dollar amid growing inflation and continued bank failures.
If passed, HR 2435 would give the U.S. Treasury and the private Federal Reserve central banking cartel 24 months to publicly disclose all gold holdings and transactions. After that, the Federal Reserve note "dollar" would have to be formally re-pegged to the fixed weight of gold bullion.
"Federal Reserve notes would become fully redeemable for and exchangeable with gold at the new price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor," Money Metals reports.
"Monetary experts have noted a return to a gold standard would substantially curtail the economic damage caused by inflation, runaway federal debt, and monetary system instability."
(Related: Communist China has been buying up the world's gold supplies in anticipation of the end of the U.S. dollar.)
The time has come to END the private Federal Reserve central banking cartel
In a statement, Mooney explained in greater depth how getting U.S. dollars back on the gold standard would rein in Washington, D.C.'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," he stated. "No longer would American families, businesses, and the economy as a whole be at the mercy of the Federal Reserve and reckless Washington spenders."
The Gold Standard Restoration Act would also expose the many harms that the Federal Reserve system has inflicted upon everyday Americans, all thanks to Richard Nixon who "temporarily suspended" the use of gold as a backing for money back in 1971.
In addition to creating the War on Drugs, Nixon de-pegged the dollar from gold, which gave the Federal Reserve the green light to print as much money as needed to prop up the financial terrorists on Wall Street, all while diluting the dollars that Americans work hard to earn.
"The Federal Reserve note has lost more than 40 percent of its purchasing power since 2000, and 97 percent of its purchasing power since the passage of the Federal Reserve Act in 1913," HR 2435 explains.
"At times, including 2021 and 2022, Federal Reserve actions helped create inflation rates of 8 percent or higher, increasing the cost of living for many Americans to untenable levels ... enrich[ing] the owners of financial assets while ... endanger[ing] the jobs, wages, and savings of blue-collar workers."
Until gold or something is forced to become backing for U.S. dollars, the money-backed-by-nothing will continue to lose value as inflation soars. Everyday Americans will continue to become poorer while the rich get richer, all by design in this usurious system of fraud and corruption.
If passed, HR 2435 would require full disclosure of all central bank and U.S. government gold holdings, as well as all gold-related financial transactions, dating back six decades – this being what Ron Paul has been trying to do throughout his political tenure, including when he ran for president.
"To enable the market and market participants to arrive at the fixed Federal Reserve note dollar-gold parity in an orderly fashion ... the Secretary and the Federal Reserve shall each make publicly available ... all holdings of gold, with a report of any purchases, sales, swaps, leases, and any other financial transactions involving gold, since the temporary suspension on August 15th, 1971, of gold redeemability obligations under the Bretton Woods Agreement of 1944," the legislation states.
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