New bill introduced to bring the U.S. back to the gold standard to control gov't spending and inflation
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"Prices would be shaped by economics rather than the instincts of bureaucrats. No longer would our economy be at the mercy of the Federal Reserve and reckless Washington spenders," Mooney added. The legislation is supported by the Sound Money Defense League, a national organization dedicated to making precious metals recognized money in the U.S. The League has helped state politicians push through legislation to remove sales tax on silver and gold bullion, paving the way for precious metals to be recognized as hard currencies.
Although the proposed legislation has some grassroots support, some political analysts see it as a long shot. Federal Reserve Chair Jerome Powell has actively opposed the idea of a gold standard.
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