Sound Money Bill in Congress Would Define Dollar as Unit of Gold

‘The legislation, H.R. 5404, would “define the dollar as a fixed weight of gold,” according to a summary posted at govtrack.us. Sponsored by Representative Alex Mooney (R-W.V.), the bill would order the Secretary of the Treasury to define the U.S. dollar as an amount of gold, based on that day's closing market price, two and a half years after the measure is enacted. It would also order all Federal Reserve Banks to make Federal Reserve notes (dollars) exchangeable for gold at the statutory gold definition of the dollar. In short, you could trade the pieces of paper in your wallet for real money...

...at the state level, lawmakers and experts are hard at work in the effort to restore sound money. Numerous states have passed laws to facilitate commerce in gold and silver, with some states even defining the precious metals as legal tender. In Texas, state authorities are even working on a gold bullion depository to help sideline the Fed and expand the use of gold in trade. But for the American people to truly prosper, it is important for Congress to take action. After all, Congress created the problem by unleashing the Fed and its awesome powers over the lives of every American. It is time for lawmakers to do the right thing.’

Source: Sound Money Bill in Congress Would Define Dollar as Unit of Gold (The New American)