Gold Reserve Act, 1934
- Intended as an inflationary policy, the Gold Reserve Act of 1934 enabled the president to authorize the purchase of U.S. minted gold at prices to be determined by him and to establish it as a reserve for paper currency. Gold was to be impounded in the Treasury. President Franklin D. Roosevelt set the price of gold at $35 per ounce, 59 percent of its pre-1933 level.
Historical Dictionary of the Roosevelt–Truman Era . Neil A. Wynn . 2015.
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