Roosevelt then fixed the dollar-gold price at $35 in 1934 (an effective dollar devaluation of 40 percent) under the newly implemented Gold Reserve Act
and the new gold exchange standard was established in the US, lasting until 1968 when a two-tier market was implemented, prior to the final severance of the dollar:gold link in 1971.
Congress then passed the Gold Reserve Act of 1934, which raised the mint price of gold more than 59 percent.
Since the Gold Reserve Act raised the value of gold from $20.
The Gold Reserve Act
authorizes the ESF to stabilize dollar exchange rates.
31, 1934, the Gold Reserve Act
transferred all gold and gold certificates from the Federal Reserve to the U.
Exchange Stabilization Fund established by Section 10 of the Gold Reserve Act
of 1934, with foreign monetary authorities, with the Bank for International Settlements, and with other international financial institutions:
Public law 93-110 signed by President Ford provided for the repeal of those provisions in the Gold Reserve Act
relating to the title and acquisition of gold.
The Gold Reserve Act of 1934 excluded the ESF from the congressional appropriations process and explicitly authorized it to operate without congressional oversight and accountability.
Moreover, a 1977 amendment to Section 10 of the Gold Reserve Act provides that: ".
It acted under the authority granted it by the Gold Reserve Act of 1934, which established the Exchange Stabilization Fund for the purpose of stabilizing the exchange value of the dollar.
2)Initially, the par value of the dollar was defined by the President at $35 per ounce of gold under the authority granted to him by the Gold Reserve Act of 1934.
Finally, on January 30, 1934, the Congress gave Roosevelt what he wanted: the Gold Reserve Act