Project 2025 Tracker / What’s done, what’s next

24. Federal Reserve · Major · Needs Congress

Back the dollar with gold at a Treasury-set price

Not started

737 24. Federal Reserve

“The process of commodity backing is very straightforward: Treasury could set the price of a dollar at today’s market price of $2,000 per ounce of gold. This means that each Federal Reserve note could be redeemed at the Federal Reserve and exchanged for 1/2000 ounce of gold.”

What has happened

  1. Not started

    Treasury has not set a dollar price for gold and Federal Reserve notes are not redeemable in gold. No bill to restore a gold standard was introduced in the 119th Congress, and no executive order, Treasury rule or notice in the tracking window touches dollar convertibility. The administration's one commodity-reserve action, Executive Order 14233 of 2025-03-06, established a Strategic Bitcoin Reserve and a Digital Asset Stockpile — a reserve of seized digital assets, not a gold backing for the currency.

    No action found yet. This entry is the starting point, not a finding.

Research log

What was searched, and what didn’t count as evidence

Research notes

Searched 2026-08-27; nothing found, so the Status is not started. Queries are in docs/research/ch-24.md.

Adjacent actions that are not this ask, recorded so the distinction is on the record:

  • Executive Order 14233 (signed 2025-03-06), Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile, https://www.federalregister.gov/documents/2025/03/11/2025-03992/establishment-of-the-strategic-bitcoin-reserve-and-united-states-digital-asset-stockpile — a reserve of forfeited bitcoin held by Treasury. It does not back the dollar with anything and creates no redemption right, so it is not Evidence for this Recommendation.
  • Gold Reserve Transparency Act of 2025, H.R. 3795 (2025-06-06) and S. 3218 (2025-11-19): an audit of the U.S. gold reserve. Introduced and referred only, and an audit is not commodity backing.
  • The only gold-related Treasury documents in the Federal Register for the window are U.S. Mint numismatic price schedules (2025-07-01, 2026-07-14).
Action
restore
Object
Gold standard / commodity-backed dollar
ID
2018