Gold Reserve Act of 1934

Gold Reserve Act of 1934

Legislation in the United States that required citizens to sell their privately owned gold to the federal government. After the passage of this act, it was illegal for U.S. citizens to own more than small amounts of gold until the end of 1974. The Gold Reserve Act was intended to stabilize the U.S. dollar during the Great Depression. Scholars differ on how well it accomplished this goal.