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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 - Standard - Legislation - Discussion
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. The Trump administration has signaled that it wants to see real reforms to ensure a stable dollar, and it's time Congress joins the administration in that discussion rather than taking potshots at Trump's nominees, as Senator Romney did.
While economic growth has hovered around 3% under President Trump, under the gold standard, the United States achieved fairly consistent 4% economic growth. As Peter Ferrara has noted, that level of economic growth doubles our economy, incomes, and standard of living every 17 years. But in the meantime, the St. Louis Fed is predicting that economic growth will lag to about half that level in 2019.
Writing for Forbes,...
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