Congressman Introduces Bill to Restore Gold Standard to U.S. Dollar as Inflation Soars to Record Highs
Congressman Alex Mooney (R-WV) has introduced the Gold Standard Restoration Act to restore the purchasing power of the U.S. dollar and protect the currency from rising inflation.
“The gold standard would protect against Washington’s irresponsible spending habits and the creation of money out of thin air,” said Rep. Mooney in a statement.
“Prices would be shaped by economics rather than the instincts of bureaucrats. No longer would our economy be at the mercy of the Federal Reserve and reckless Washington spenders,” he added.
The bill, H.R. 9157, would require the Federal Reserve and U.S. Treasury to disclose their gold holdings and transactions within 30 months. It would then peg the dollar to a fixed rate of gold at its current market price. Dollars would then become redeemable and exchangeable in gold for the first time in many decades.
“The Federal Reserve note has lost more than 30 percent of its purchasing power since 2000, and 97 percent of its purchasing power since the passage of the Federal Reserve Act in 1913,” the text of H.R. 9157 states.
“At times, including 2021 and 2022, Federal Reserve actions helped create inflation rates of 8 percent or higher, increasing the cost of living for many Americans to untenable levels…enrich[ing] the owners of financial assets while… endanger[ing] the jobs, wages, and savings of blue-collar workers,” H.R. 9157 adds.
Big League Politics has reported on how the Federal Reserve is exploiting their mismanagement of the dollar to push for a centralized digital currency, which would end anonymity in market transactions and pave the way for the mark of the beast:
“The Federal Reserve is rapidly moving toward a digital dollar, using the inflation and economic turmoil as a springboard to enact the cashless society.
Federal Reserve Chairman Jerome Powell made the announcement on Friday that the private central bank is pushing toward a digital dollar.