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Support Congressional Oversight on the Treasury-Postal Operations Approps.
SUPPORT THE SANDERS-BACHUS-MILLER-STEARNS-KAPTUR-BURTON-
DEFAZIO-ROHRABACHER-KUCINICH-PAUL-STARK-OWENS AMENDMENT!
July 15, 1998
Dear Colleague,
In 1934, the Gold Reserve Act created the Exchange Stabilization Fund and ended
redeemability of gold domestically--indeed outlawing its ownership for our own citizens
(rescinded decades later)--but reaffirmed to foreign central banks the dollar’s redeemability
in gold at a fixed rate to them. FDR then devalued the dollar 40% against gold thereby
destroying the wealth (purchasing power) of Americans and deepening the Great Depression.
In 1971, Pres. Nixon “closed the gold window” ending both redeemability of gold
internationally (severing any fixed link of the dollar to gold) and any Congressionally-
authorized need for the ESF.
In 1995, Congress passed, by a solid margin of 245-183, a similar amendment. A better use
of the money would be to end the fund altogether and use the money for education tax
credits.
Ron Paul