The 10 Promises › Proposal 7 of 10 · Jump to sign
7. The Sound Money Act
Stop the hidden tax of inflation.
“No State shall … make any Thing but gold and silver Coin a Tender in Payment of Debts”U.S. Constitution, Article I, Section 10. This limits the States; Article I, Section 8 gives Congress the power “To coin Money, regulate the Value thereof.” · Read the source
Founding principle: The Constitution names gold and silver as money.
What it does
- Full, independent audit of the Federal Reserve by the Government Accountability Office, published every year.
- A Sound Money Commission recommends, within 2 years, a fixed gold value for the dollar, a reserve ratio, how redemption would work, and how existing contracts and Treasury debt are treated. Convertibility starts only on a date set by a follow-on Act of Congress.
- No federal capital gains tax on U.S. gold and silver coins and on bullion of at least .995 gold or .999 silver held directly. Funds and derivatives do not qualify.
- Price stability becomes the Federal Reserve’s single goal, and Congress, not the Fed, answers to voters for the value of the dollar.
Why it matters to you
Your savings hold their value instead of melting away every year.
Legislative instrument: Bill (H.R.), with a Senate companion bill (S.). No constitutional amendment is needed: Article I, Section 8 gives Congress power over the value of money.
Sign the Complete Contract
One signature covers all ten proposals.
Citizen signature or congressional pledge? A citizen signature says you support the complete Contract, all ten proposals. It is counted in your district’s total. A congressional pledge is a formal, dated commitment by a Member of Congress or a candidate to take specific legislative actions on all ten proposals. Pledges are shown only after we verify them with the office. See the pledge.