Excerpt from Nathan Williamson at the American Thinker:
Congressman Alex Mooney (R-W.Va.) has reintroduced legislation to make a U.S. dollar convertible into a fixed weight of gold. When he first introduced the bill in the 115th Congress, Congressman Mooney noted that it had been the first attempt to return our nation to backing our money by gold since Jack Kemp’s Gold Standard Act of 1984.
The bill’s introduction carries added weight this year after President Trump announced his intention to nominate gold standard sympathizers Stephen Moore and Herman Cain to the Federal Reserve Board of Governors. While monetary policy is not a subject currently receiving much consideration in the halls of Congress, the Trump administration has sent signals that it is an issue on its radar by putting forth such unconventional, sound-money nominees.
Congressman Mooney’s gold standard legislation has the potential to renew discussion on monetary policy in Congress. If so, we are all the better for it.
With Congressman Mooney reintroducing this bill at a time when our president appears to be on a crusade to deliver real, meaningful reforms that will make the Fed more transparent, accountable, and pro-growth, Mooney has provided the fuel needed for Congress to have its discussion on monetary policy. It’s time for Congress to match the Trump administration’s commitment to a stable dollar.