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Q: Bill signed by FDR 3/3/1933 preventing certain investing mehtod ( Answered 5 out of 5 stars,   0 Comments )
Question  
Subject: Bill signed by FDR 3/3/1933 preventing certain investing mehtod
Category: Business and Money > Economics
Asked by: stylus-ga
List Price: $25.00
Posted: 06 Jan 2005 12:12 PST
Expires: 05 Feb 2005 12:12 PST
Question ID: 453094
I am looking for a U.S. gov. bill signed by FDR 3/3/1933 and repealed
by Gerald Ford 12/31/1974. This bill was about finacial investing
methods that FDR said was making wealthy people to wealthy and Ford
repealed the measure. I can't find this bill in any archives.
Answer  
Subject: Re: Bill signed by FDR 3/3/1933 preventing certain investing mehtod
Answered By: juggler-ga on 06 Jan 2005 14:00 PST
Rated:5 out of 5 stars
 
Hello.

First of all, I should mention the 3/3/1933 is off by a bit because
FDR wasn't inaugurated until March 4, 1933.

I believe that you're referring to President Roosevelt's decision to
prohibit private investment in (or, as critics called it, "hoarding
of") gold coins and bullion.  What FDR signed was an "executive order"
rather than a bill. It was Executive Order #6102.

See:
"Executive Order 6102 Requiring Gold Coin, Gold Bullion and Gold
Certificates to Be Delivered to the Government, hosted by ucsb.edu"
http://www.presidency.ucsb.edu/ws/index.php?pid=14611&st=&st1=

"The ban on private gold ownership in the US was repealed by an act of
Congress codified in Public Law 93-373 [1]
(http://www.fdic.gov/regulations/laws/rules/5000-200.html) which went
into effect December 31, 1974."
see: Wikipedia: Gold Confiscation
http://en.wikipedia.org/wiki/US_Gold_confiscation


"S.2665
Public Law: 93-373 (814/74)
SPONSOR: Sen Fulbright 
8/14/74 Public law 93-373
...
Repeals the prohibitions on purchasing, holding, selling, or otherwise
dealing in gold in the United States or abroad, effective either on
December 31, 1974, or at any time prior to such date that the
President finds and reports to Congress that private ownership of gold
will not adversely affect the U.S. monetary position."
http://thomas.loc.gov/cgi-bin/bdquery/z?d093:SN02665:@@@L
http://thomas.loc.gov/cgi-bin/bdquery/z?d093:SN02665:@@@D

President Ford signed the bill and on 8/14/74 it became Public law
93-373.  It went into effect December 31, 1974.

--------------
search strategy:
1933 "repealed in 1974"
1933 "gold coins" "december 31 1974
"executive order 6102"
"93-373" gold 

I hope this helps.
stylus-ga rated this answer:5 out of 5 stars

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