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.
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.
They argued that the government should be required to pay them with old gold coins, like the Eagle, at the 1918 standard of value, and then they should be able to convert the Eagles to dollars at the price established by the Gold Reserve Act of 1934 ($35 per troy ounce of gold).
Congress then passed the Gold Reserve Act of 1934, which raised the mint price of gold more than 59 percent.
The value of the dollar in terms of gold was lowered again with the Gold Reserve Act of 1934.
Convertibility was suspended in 1933, and under the Gold Reserve Act of 1934 convertibility was restored only for international payments.
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.
seems to me to duplicate the foreign exchange stabilization operation that the Secretary of the Treasury has very properly undertaken pursuant to the Gold Reserve Act of 1934. To me this is a tremendous power you have taken upon yourself, and I must serve notice on you right now that I consider this an usurpation of the powers of Congress.
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.