Republicans Eye U.S. Return to Gold Standard

Next week, Republicans will consider looking at returning the U.S. dollar to the gold standard, Rep. Marsha Blackburn told CNBC on Thursday.

“I can tell you there’s language in there deals with auditing the Fed. People believe we need to do something about the Fed. We need to do something about inflation,” the Tennessee Republican said on “The Kudlow Report.” (Read More: Why Return to Gold Standard Is Seen By Some as 'Ludicrous')

“There was lots of discussion and a desire from many who were platform committee delegates to do what Reagan did and look at what he did with the gold commission, and the reason for that is people have been worn out with what has happened with this economy over the last three years.” (Read More: Randy Kroszner: The Fed Is Already Audited)

In 1971, President Richard Nixon moved the United States off the gold standard. Today, no country in the world uses it.

But Blackburn said it was worth a look.

“When you know things you are doing aren't working you start looking at options, just like Reagan did. He was trying to clean up the mess from Jimmy Carter. What he wanted to do was have a commission to look at a metallic standard,” she added. “It may be the time for we as Republicans to suggest that our next president do the same thing.”

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