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:
31, 1934, the Gold Reserve Act
transferred all gold and gold certificates from the Federal Reserve to the U.S.
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.