Michael Baron
The Street
Ron Paul wants to shine a light on America’s gold reserves.
The Republican presidential hopeful is sponsoring a bill, H.R. 1495, otherwise known as The Gold Reserve Transparency Act of 2011, that would direct the Treasury Department to document exactly what the United States has and what it’s doing to protect it.
Paul (R., Texas) is the chairman of the House Domestic Monetary Policy and Technology Subcommitte, and the panel held a hearing Thursday afternoon on the bill, which directs the Treasury Department to “conduct a full assay, inventory, and audit of federal gold reserves, including an analysis of the sufficiency of the measures taken for their security.”
“For far too long, the U.S. government has been less than transparent in releasing information relating to its gold holdings,” Paul said in his opening statement, explaining that this lack of information has only created questions and given rise to theories like the bars of gold in Fort Knox are “actually gold-plated tungsten.”
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