My question is does that mean the value of the dollar is different every day based on the last days stock market results or is it constant based on the stock market results on that specific day, thirty days after the passing of the bill as a one time event? If the Bill is passed.
Effective 30 months after the date of enactment of this Act—
(1) the Secretary of the Treasury (in this Act referred to as the “Secretary”) shall define the dollar in terms of a fixed weight of gold, based on that day’s closing market price of gold; and
(2) Federal Reserve Banks shall make Federal Reserve notes exchangeable with gold at the statutory gold definition of the dollar.
https://web.archive.org/web/20181029234754/https://www.congress.gov/bill/115th-congress/house-bill/5404/history
https://web.archive.org/web/20181029234825/https://www.congress.gov/congressional-record/volume-164/house-section/page/H2041
https://web.archive.org/web/20181005031920/https://www.congress.gov/bill/115th-congress/house-bill/5404
https://web.archive.org/web/20181029234719/https://www.congress.gov/bill/115th-congress/house-bill/5404/actions
https://web.archive.org/web/20181029234648/https://www.congress.gov/bill/115th-congress/house-bill/5404/titles
https://web.archive.org/web/20181029234601/https://www.congress.gov/bill/115th-congress/house-bill/5404/committees
https://web.archive.org/web/20181028225028/https://www.congress.gov/member/alexander-mooney/M001195
https://web.archive.org/web/20181005034703/https://www.congress.gov/115/bills/hr5404/BILLS-115hr5404ih.xml
https://web.archive.org/web/20181005034701/https://www.congress.gov/115/bills/hr5404/BILLS-115hr5404ih.pdf
https://web.archive.org/web/20181029235555/https://www.congress.gov/bill/115th-congress/house-bill/5404/all-info
https://web.archive.org/web/20181029233354/https://www.congress.gov/bill/115th-congress/house-bill/5404/text?format=txt&fbclid=IwAR2fMsV7qr7op7yw4nO30tenpivmTVkd9O_8VNSKCZk6g88TrhkJyVVUrCo
Text: H.R.5404 — 115th Congress (2017-2018)All Information (Except Text)
There is one version of the bill.
Shown Here:
Introduced in House (03/22/2018)
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5404 Introduced in House (IH)]
<DOC>
115th CONGRESS
2d Session
H. R. 5404
To define the dollar as a fixed weight of gold.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 22, 2018
Mr. Mooney of West Virginia introduced the following bill; which was
referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To define the dollar as a fixed weight of gold.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. FINDINGS.
Congress finds the following:
(1) The United States dollar has lost 30 percent of its
purchasing power since 2000, and 96 percent of its purchasing
power since the end of the gold standard in 1913.
(2) Under the Federal Reserve's 2 percent inflation
objective, the dollar loses half of its purchasing power every
generation, or 35 years.
(3) American families need long-term price stability to
meet their household spending needs, save money, and plan for
retirement.
(4) The Federal Reserve policy of long-term inflation has
made American manufacturing uncompetitive, raising the cost of
United States manufactured goods by more than 40 percent since
2000, compared to less than 20 percent in Germany and France.
(5) Between 2000 and 2010, United States manufacturing
employment shrunk by one-third after holding steady for 30
years at nearly 20,000,000 jobs.
(6) The American economy needs a stable dollar, fixed
exchange rates, and money supply controlled by the market not
the government.
(7) The gold standard puts control of the money supply with
the market instead of the Federal Reserve.
(8) The gold standard means legal tender defined by and
convertible into a certain quantity of gold.
(9) Under the gold standard through 1913 the United States
economy grew at an annual average of four percent, one-third
larger than the growth rate since then and twice the level
since 2000.
(10) The international gold exchange standard from 1914 to
1971 did not provide for a United States dollar convertible
into gold, and therefore helped cause the Great Depression and
stagflation.
(11) The Federal Reserve's trickle down policy of expanding
the money supply with no demand for it has enriched the owners
of financial assets but endangered the jobs, wages, and savings
of blue collar workers.
(12) Restoring American middle-class prosperity requires
change in monetary policy authorized to Congress in Article I,
Section 8, Clause 5 of the Constitution.
SEC. 2. DEFINE THE DOLLAR IN TERMS OF GOLD.
Effective 30 months after the date of enactment of this Act--
(1) the Secretary of the Treasury (in this Act referred to
as the ``Secretary'') shall define the dollar in terms of a
fixed weight of gold, based on that day's closing market price
of gold; and
(2) Federal Reserve Banks shall make Federal Reserve notes
exchangeable with gold at the statutory gold definition of the
dollar.
SEC. 3. DISCLOSURE OF HOLDING.
During the 30-month period following the date of enactment of this
Act, the United States Government shall take timely and reasonable
steps to disclose all of its holdings of gold, together with a
contemporaneous report of any United States governmental purchases or
sales, thus enhancing the ability of the market and of market
participants to arrive at the fixed dollar-gold parity in an orderly
fashion.
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