This idea for controlling inflation would never work. Rather, the introduction of the bill will show us just how many people in government are interested in correcting the banking system, so that inflation and other bad things are reduced.
U.S. Congressman Introduces Gold Standard Bill as Inflation Spirals Out of Control Referred to as the "Gold Standard Restoration Act" by sound money activists, H.R. 9157 calls for the repegging of the Federal Reserve note to gold in order to address the ongoing problems of inflation, runaway federal debt, and monetary system instability.
Upon passage of H.R. 9157, the U.S. Treasury and the Federal Reserve would have 30 months to publicly disclose all gold holdings and gold transactions, after which time the Federal Reserve note "dollar" would be pegged to a fixed weight of gold at its then-market price.
Federal Reserve notes would become fully redeemable for and exchangeable with gold at the new fixed price, with the U.S. Treasury and its gold reserves backstopping Federal Reserve Banks as guarantor.
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