Gold Reserve Act

The Gold Reserve Act of 1934 was a U.S. law that restricted private ownership of gold and mandated that the government hold gold reserves backing the dollar at a fixed rate. It aimed to stabilize the economy during the Great Depression by controlling gold supplies and preventing hoarding. The Act also devalued the dollar relative to gold, encouraging economic growth and expanding the money supply. Overall, it shifted gold ownership from private individuals to the government and played a key role in strengthening the U.S. economy during that period.