Sen. Mike Lee (R-UT) is introducing the Gold Reserve Transparency Act to institute the first audit of the United States government’s gold holdings in over half a century.
The bill would open Fort Knox to an audit of everything held by the Federal Reserve, making the results public to the American people – a proposal made by Trump in February.
“We’re actually going to Fort Knox to see if the gold is there, because maybe somebody stole the gold,” Trump said. “Tons of gold.”
Lee’s bill delivers on Trump’s promise by instituting a long-needed audit.
“For over half a century, there has not been a comprehensive audit of America’s gold reserves,” Lee said. “Americans should know whether their literal national treasure is safe and accurately accounted for. That means passing the Gold Reserve Transparency Act, opening Fort Knox, U.S. Mint Facilities, and the Federal Reserve Bank of New York to an audit, and then making the results public.”
Auditing the fed became a popular battle cry for former congressman and presidential candidate Ron Paul, who was “delighted” to see Lee’s bill introduced.
“The Federal Reserve and Treasury should not be permitted to operate in secrecy, especially when it comes to the most important monetary asset on the planet, i.e. gold,” Paul said in a statement. “Restoring trust as to America’s gold holdings is more important than ever when foreign central banks are scrambling to stockpile gold at incredible rates.”
The U.S. Treasury has long claimed that an audit of the nation’s gold reserves is performed annually. However, the last known comprehensive audits of these reserves are believed to have occurred several decades ago.
The Gold Reserve Transparency Act would mandate a comprehensive and independent audit of every facility housing gold owned by the federal government and a full accounting of all transactions involving America’s gold occurring in the past 50 years. The findings of these investigations will be publicly published and reported by the Comptroller General to Congress and the Secretary of the Treasury.
Lee’s bill met widespread praise for its deliverance of transparency about taxpayer-owned assets.
“I applaud Senator Lee for introducing the Gold Reserves Transparency Act,” David McIntosh, President of Club for Growth said. “It is high time we have full transparency about our government’s financial status. This is a key step in that direction.”
“Our nation’s founders understood the need for a stable dollar that conveys accurate price signals and provides a dependable monetary standard,” Judy Shelton of the Independent Institute said. “Ensuring that citizens have access to an honest measure of value is not only a moral imperative—it’s an acknowledgment that sound money provides the optimal foundation for maximizing prosperity in an economy based on free markets and free people. America’s gold holdings are a bulwark for the monetary integrity of the U.S. dollar; they must be audited and verified.”
“America’s gold hasn’t had a credible, comprehensive audit in decades and taxpayers deserve to know the status of their gold holdings — including whether it has been encumbered via leases, swaps, or other financial transactions,” Jp Cortez, Executive Director of the Sound Money Defense League, said. “Senator Lee’s bill also would increase the quality of the gold itself, given the majority of U.S. gold reserves are unacceptable on the global market due to their low purity levels.”
“Even if a credible audit, inventory, assay, and accounting had been conducted decades ago, this should be an ongoing process,” Stefan Gleason, President and CEO of the Money Metals Depository said. “Audits are never a ‘one and done’ affair. The U.S. Government’s poor stewardship of America’s gold reserves wouldn’t hold muster in the private sector and has undermined confidence.”
“As the economy continues to slide into another Fed-created downturn, it’s more important than ever we know our gold reserves are fully protected and accounted for,” John McCardell, Executive Director of the Campaign for Liberty said. “The Federal Reserve and Treasury have a long history of operating in secrecy. This bill brings us one step closer to accountability.”
“From its beginning in 1999, the Gold Anti-Trust Action Committee’s objective has been to bring full disclosure and transparency to the involvement of governments with gold and the gold market,” Chris Powell of the Gold Anti-Trust Action Committee said. “This legislation by Sen. Mike Lee goes directly to the public’s right to know about its government, so we support it heartily.”
The Gold Reserve Transparency Act would require:
- A complete audit and inventory of all gold reserves owned by the United States within nine months of enactment, followed by subsequent audits every five years conducted by an external third-party auditor.
- An assessment of the adequacy of measures for ensuring the physical security of these reserves.
- A full accounting of any encumbrances related to these reserves, including those arising from leases, swaps, or similar transactions that have occurred in the past 50 years.
- A comprehensive account of all gold reserves in which the U.S. Government, including the Federal Reserve, has either a direct or indirect interest.
- A publicly available report by the Comptroller General to Congress and the Secretary of the Treasury within three months of completing the audit.
Lee’s bill goes further than a similar bill previously introduced in the House by requiring the government to abide by “good delivery” standards for gold weight and purity.
Bradley Jaye is Deputy Political Editor for Breitbart News. Follow him on X/Twitter and Instagram @BradleyAJaye.
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