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House Committee OKs Dollar Devaluation Plan
The House Banking Committee approved a measure to formalize about a 10 percent dollar devaluation. Senate has passed a similar bill. Reuss criticized Treasury currency operations and may oppose the bill. Young plans to oppose, arguing devaluation raises US food costs while lowering abroad. The bill would repeal private gold ownership prohibitions only after a presidental finding. The Nixon administration opposes unregulated gold ownership, urging swift action on the devaluation.
MENTIONED IN THIS ARTICLE
Washington
House Banking Committee
House
Senate
Henry
Reuss
Dwis
Treasury
Andrew Young
D-Ga
Nixon
Jack F. Bennett
the Treasury
Senate Banking, Housing and Urban Affairs Committee
Congress
Bennett
U.S