by Shane Trejo, Big League Politics:
Three congressmen, West Virginia Congressman Alex Mooney, Arizona Congressman Andy Biggs, and Arizona Congressman Paul Gosar recently introduced a sound money bill that would re-peg the Federal Reserve note “dollar” to a fixed weight of gold bullion.
The legislation in question is H.R. 2435, the Gold Standard Restoration Act, would give the United States Treasury and the Federal Reserve 24 months to publicly reveal all gold holdings and gold transactions. After this time window transpires, the Federal Reserve note “dollar” would be formally re-pegged to a fixed weight of gold at its market price at the time.
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According to Money Metals New Service, Fed notes would become fully redeemable for and exchangeable with gold at the new price. The US Treasury and its gold reserves would backstop Federal Reserve Banks as guarantors.
“A gold standard would protect against Washington’s irresponsible spending habits and the creation of money out of thin air,” declared Mooney in a statement.
“Prices would be shaped by economics rather than the instincts of bureaucrats,” he added. “No longer would American families, businesses, and the economy as a whole be at the mercy of the Federal Reserve and reckless Washington spenders.”
On top of that, the Gold Standard Restoration Act highlights how much damage the Federal Reserve System has done to the US dollar.
H.R. 2435 noted the following: “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.”
“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,” H.R. 2435 highlighted.
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