Gold Reserve Act of 1934

The United States Gold Reserve Act of 1934 required that all gold and gold certificates held by private individuals and institutions, including the Federal Reserve Bank, be vested to the Treasury of the United States. Notable on its attempt to end the Great Depression, it fixed the value of the US Treasury’s gold holdings, while also ending the period of gold as a currency, making it into a commodity. The Act stabilize the money supply in the United States,with the aim “To protect the currency system of the United States, to provide for the better use of the monetary gold stock of the United States, and for other purposes”, ending the free use of gold as money domestically and effectively devalued the dollar internationally.