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 ?
The early 1930s saw a flurry of new bills that effectively transformed the banking system into an arm of the federal government--the Banking Act of 1932, the Banking Act of 1933, the Glass-Steagall Act of 1933, the Gold Reserve Act of 1934, and the Banking Act of 1935.
Roosevelt's gold program concluded in January 1934 with the passage of the Gold Reserve Act, which set gold's official price at $35 per troy ounce.
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.
Early in 1934, the Gold Reserve Act moved all gold from the Federal Reserve to the U.S.
The Gold Reserve Act authorizes the ESF to stabilize dollar exchange rates.
In 1934, Congress had created the ESF with the Gold Reserve Act. Congress capitalized it with $2 billion of the profits created by that Act's revaluation of gold from $20.67 to $35.00 per ounce.
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:
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.
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.
Finally, on January 30, 1934, the Congress gave Roosevelt what he wanted: the Gold Reserve Act. The act transferred title of gold from the Federal Reserve to the United States government, prohibited gold coinage, and banned gold from circulation.