Gold Cover: Hearings, Ninetieth Congress, Second Session ... January 30, 31, and February 1, 1968, Volumes 22-23U.S. Government Printing Office, 1968 - 189 pages Considers S. 1307, and similar S. 2815 and S. 2857, to eliminate the gold reserve requirement for U.S. currency. |
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Common terms and phrases
$35 an ounce abroad action balance of payments balance-of-payments billion Bretton Woods Agreements central banks Chairman Martin committee confidence CONGRESS THE LIBRARY convertibility countries DANIELIAN debt deposits devaluation domestic economic economists effect exchange rates fact Federal Reserve Act Federal Reserve notes Federal Reserve System fiscal foreign free gold FRIEDMAN going gold at $35 gold backing gold certificate reserve gold reserve requirement gold stock growth increase inflation International Monetary Fund international monetary system investments KEMMERER legislation LIBRARY OF CONGRESS liquidity maintain ment monetary authorities monetary policy monetary reserves money supply payments deficit percent President price of gold problem proposal question remove the gold Reserve Act reserve assets Reserve banks reserve currency restraint ROCKEFELLER SCHIFF Secretary FOWLER Senator BENNETT Senator MCINTYRE Senator MUSKIE Senator PERCY Senator PROXMIRE special drawing rights statement tion Treasury U.S. dollars U.S. gold U.S. Government United
Popular passages
Page 78 - Agreement when supplementary resources are needed to forestall or cope with an impairment of the international monetary system in the aforesaid conditions.
Page 110 - IV, section 5, or article XX, section 4, of the Articles of Agreement of the Fund, or approve any general change in par values...
Page 4 - No suspension of reserve requirements of the Federal Reserve banks, under the terms of section 11 (c) of the Federal Reserve Act, necessitated by reason of operations under this section, shall require the imposition of the graduated tax upon any deficiency in reserves as provided in said section 11 (c). Nor shall it require any automatic increase in the rates of interest or discount charged by any Federal Reserve bank, as otherwise specified in that section.
Page 106 - SEC. 5. Unless Congress by law authorizes such action, neither the President nor any person or agency shall, on behalf of the United States, (a) subscribe to additional shares of stock under article II, section 3 of the agreement; (b) request or consent to any change...
Page 110 - Amendments shall enter into force for all members three months after the date of the formal communication unless a shorter period is specified in the circular letter or telegram.
Page 68 - A sure way to instill confidence in our dollar — both here and abroad — is through these actions.
Page 93 - ... the Board of Governors of the Federal Reserve System. The Board of Governors of the Federal Reserve System...
Page 66 - To the average citizen, the balance of payments, and the strength of the dollar and of the international monetary system, are meaningless phrases. They seem to have little relevance to our daily lives.
Page 19 - ... two and one-half per centum or fraction thereof that such reserve falls below thirty-two and one-half per centum. The tax shall be paid by the reserve bank, but the reserve bank shall add an amount equal to said tax to the rates of interest and discount fixed by the Federal Reserve Board.
Page 11 - States (including the gold held as security for gold certificates and as a reserve for any United States notes and for Treasury notes of 1890) shall be covered into the Treasury as a miscellaneous receipt; and, in the event that the weight of the gold dollar shall at any time be increased, the resulting decrease in value of the gold held as a reserve for any United States notes and for Treasury notes of 1890...