Gold Reserve Act

From 1933 through 1975, private ownership of gold by Americans was prohibited, with a few exceptions (such as jewelry and collector coins). The January 30, 1934, United States Gold Reserve Act compelled the Federal Reserve to surrender all gold and gold certificates to the Treasury. It also prohibited the Treasury and financial institutions from redeeming dollar bills for gold, established the Exchange Stabilization Fund under Treasury control to control the dollar's value without Federal Reserve approval, and allowed the president to set the dollar's gold value by proclamation.