Congress Can Restore the Integrity of the Dollar

 Three bills recently filed by congressional Republicans can bring the Fed to heel

• The Gold Reserve Transparency Act of 2021, the Price Stability Act of 2022, and a yet-to-be titled act, H.R. 9157, linking the dollar to gold
• Constitutionally, the Fed answers to Congress, but it is time for legislators to take back the reins
• All three bills put the Fed under the discipline of rules, subjecting it to the oversight of Congress

The other two bills would bind the Fed’s hands even tighter

• Rep. Alexander Mooney (R-W.V.)
• Bill would ascertain just how much gold the federal government, including the Fed, owns
• Government Accountability Office to report on U.S. gold holdings every five years
• Regular gold audits are an important stepping-stone to the second bill's goal: redefining the dollar in terms of gold

The Fed is an artifact of inflationary Civil War finance: suspend the gold standard, print greenbacks, slowly deflate after the emergency ends

• Gold-backed money is fully capable of delivering short-run stability and long-run prosperity. The Fed can't.
• Reining in the Fed has always been good economics; now it's good politics, too.

https://www.aier.org/article/congress-can-restore-the-integrity-of-the-dollar/