Press Releases

Paul Subcommittee to Probe U.S. Gold Reserves

Washington, June 22, 2011 -

Domestic Monetary Policy and Technology Subcommittee Chairman Ron Paul announced today that the subcommittee will hold a hearing on legislation calling for a full audit of U.S. gold reserves.

H.R. 1495, the “Gold Reserve Transparency Act of 2011,” calls for an audit by the Treasury that gives a full and thorough accounting of the U.S. government’s gold reserves, requiring an inventory and assay of the gold reserves. The Treasury’s audit is subject to independent review by the Government Accountability Office, allowing them access to any pertinent records or locations, including Fort Knox.

"The Treasury Department has been less than transparent with the results of its gold audits,” Paul stated.  “It is asking the American people to trust that all the gold is there, while not allowing site visits and not publishing all the data it holds on its audits and assays.  Since most of this gold was originally seized from the American people in the 1930s, they deserve more transparency than a handful of financial statements."  

The hearing will discuss recent audits of U.S. gold reserves; challenges to conducting a full audit; and impediments to an accurate assessment of the US gold position, including any leases, swaps or other encumbrances placed upon the gold reserves; and also examine changes to the legislative proposal that will ensure a full and accurate audit, assay, and inventory of U.S. gold reserves.

The hearing entitled “Investigating the Gold:  H.R. 1495, the Gold Reserve Transparency Act and the Oversight of United States Gold Holdings,” will be held on Thursday, June 23 at 2:00 p.m. in Room 2128 of the Rayburn House Office Building.

 Witnesses scheduled to testify:

Gary T. Engel, Director, Financial Management and Assurance, Government Accountability Office

Eric M. Thorson, Inspector General, Department of the Treasury

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