Monetary authorities who once said the gold standard was a thing of the past might need to write a new chapter in the books of American financial history.
At the Republican National Convention, the platform committee has called on Congress to establish a "gold commission" to examine restoring the country to the gold standard.
Should the plank become law, the Federal Reserve would only be able to issue as many dollars as it had gold reserves to back them, effectively taking monetary policy out of the Fed’s hands.
On CNBC’s Kudlow Report, Sen. Rand Paul, (R) Kentucky embraced the development as a sign that his father’s ideology had finally won widespread support.
Rand Paul’s father is Ron Paul, a Texas congressman with a passionate, libertarian-leaning following, who has long advocated returning to the gold standard.
“My dad’s signature issue has been audit the Fed and now that’s a part of the platform,” said a proud Rand Paul to Larry Kudlow.
And that’s not all.
There's other ideology advocated by Ron Paul that has been incorporated into the GOP party planks, according to Rand Paul.
“We had language that we were interested in protecting the 4th amendment and that became part of the platform,” said Paul. “And I have a bill that says we shouldn’t have drone surveillance in our country without a warrant – that became part of the platform – we’re pretty pleased.”
"The Kudlow Report" airs weeknights at 7 p.m.ET.
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