The U.S. Congress abrogates the United States' use of the gold standard by enacting a joint resolution (48 Stat. 112) nullifying the right of creditors to demand payment in gold.
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold foreign central banks, effectively ending the Bretton Woods system. Many states still hold substantial gold reserves.Historically, the silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities, and path dependence. Great Britain accidentally adopted a de facto gold standard in 1717 when Sir Isaac Newton, then-master of the Royal Mint, set the exchange rate of silver to gold too low, thus causing silver coins to go out of circulation. As Great Britain became the world's leading financial and commercial power in the 19th century, other states increasingly adopted Britain's monetary system.The gold standard was largely abandoned during the Great Depression before being re-instated in a limited form as part of the post-World War II Bretton Woods system. The gold standard was abandoned due to its propensity for volatility, as well as the constraints it imposed on governments: by retaining a fixed exchange rate, governments were hamstrung in engaging in expansionary policies to, for example, reduce unemployment during economic recessions. There is a consensus among economists that a return to the gold standard would not be beneficial, and most economic historians reject the idea that the gold standard "was effective in stabilizing prices and moderating business-cycle fluctuations during the nineteenth century."
The United States Congress is the legislature of the federal government of the United States. It is bicameral, being composed of a lower body, the House of Representatives, and an upper body, the Senate. The Congress meets in the United States Capitol in Washington, D.C. Both senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a governor's appointment. Congress has 535 voting members: 100 senators and 435 representatives. The vice president of the United States has a vote in the Senate only when senators are evenly divided. The House of Representatives has six non-voting members.The sitting of a Congress is for a two-year term, at present, beginning every other January. Elections are held every even-numbered year on Election Day. The members of the House of Representatives are elected for the two-year term of a Congress. The Reapportionment Act of 1929 establishes that they be elected in single-member constituencies or districts by first-past-the-post and that Congressional districts be apportioned to states by population every ten years using the United States Census results, provided that each state has at least one Congressional representative. Each senator is elected at-large in their state for a six-year term, with terms staggered, so every two years approximately one-third of the Senate is up for election. Each state, regardless of population or size, has two senators, so currently, there are 100 senators for the 50 states.
Article One of the United States Constitution requires that members of Congress must be at least 25 years old (House) or at least 30 years old (Senate), have been a citizen of the United States for seven (House) or nine (Senate) years, and be an inhabitant of the state which they represent. Members in both chambers may stand for re-election an unlimited number of times.
The Congress was created by the Constitution of the United States and first met in 1789, replacing in its legislative function the Congress of the Confederation. Although not legally mandated, in practice since the 19th century, Congress members are typically affiliated with one of the two major parties, the Democratic Party or the Republican Party, and only rarely with a third party or independents affiliated with no party. In the case of the latter, the lack of affiliation with a political party does not mean that such members are unable to caucus with members of the political parties. Members can also switch parties at any time, although this is quite uncommon.