Gold Reserve Act of 1934

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.
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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:
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.
4)The Gold Reserve Act of 1934 required 40 percent gold cover on Federal Reserve notes in circulation and 35 percent cover on deposits at Federal Reserve Banks.