Topic: U.S. Congress
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US Senate Candy Desk
The candy desk has been a tradition of the United States Senate since 1968, whereby a senator who sits at a particular desk near a busy entrance keeps a drawer full of candy for members of the body. The current occupant of the candy desk is Pennsylvania Senator Pat Toomey.
In 1965, California's George Murphy joined the Senate, and kept candy in his desk to offer his colleagues, and for himself, though eating is not allowed on the Senate floor. When he left the Senate after a six-year term, other Republican senators maintained the custom. The nascent tradition did not become publicly known until the mid-1980s, when Washington Senator Slade Gorton disclosed it in announcing that he would be sitting at the candy desk.
Senators who have maintained the candy desk tradition include John McCain, Harrison Schmitt, and Rick Santorum, who stocked it with confectionery from his home state of Pennsylvania, including from the Hershey Chocolate Company. After Santorum left the Senate in 2007, the candy desk was maintained by a number of senators for a short time each, before Pennsylvania Senator Toomey began his stay in 2015.
- "US Senate Candy Desk" | 2018-11-18 | 128 Upvotes 40 Comments
US Gold Reserve Act
The United States Gold Reserve Act of January 30, 1934 required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the United States Department of the Treasury. It also prohibited the Treasury and financial institutions from redeeming dollar bills for gold, established the Exchange Stabilization Fund under control of the Treasury to control the dollar’s value without the assistance (or approval) of the Federal Reserve, and authorized the president to establish the gold value of the dollar by proclamation.
Immediately following passage of the Act, the President, Franklin D. Roosevelt, changed the statutory price of gold from $20.67 per troy ounce to $35. This price change incentivized gold miners globally to expand production and foreigners to export their gold to the United States, while simultaneously devaluing the U.S. dollar by increasing inflation. The increase in gold reserves due to the price change resulted in a large accumulation of gold in the Federal Reserve and U.S. Treasury, much of which was stored in the United States Bullion Depository at Fort Knox and other locations. The increase in gold reserves increased the money supply, lowering real interest rates which in turn increased investment in durable goods.
A year earlier, in 1933, Executive Order 6102 had made it a criminal offense for U.S. citizens to own or trade gold anywhere in the world, with exceptions for some jewelry and collector's coins. These prohibitions were relaxed starting in 1964 – gold certificates were again allowed for private investors on April 24, 1964, although the obligation to pay the certificate holder on demand in gold specie would not be honored. By 1975 Americans could again freely own and trade gold.
- "US Gold Reserve Act" | 2021-10-05 | 15 Upvotes 39 Comments