Gold Reserve Act of 1934

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Gold Reserve Act of 1934

Legislation in the United States that required citizens to sell their privately owned gold to the federal government. After the passage of this act, it was illegal for U.S. citizens to own more than small amounts of gold until the end of 1974. The Gold Reserve Act was intended to stabilize the U.S. dollar during the Great Depression. Scholars differ on how well it accomplished this goal.
References in periodicals archive ?
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.
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.