According to multiple published reports, a draft of the Republican Party's platform to be unveiled at the party's convention in Tampa, Fla., next week will include the creation of a "gold commission" tasked with examining the feasibility of tying the value of the U.S. dollar to a fixed price of a unit of gold in the country's official reserves.
Drafts of the document obtained by the Financial Times, the Wall Street Journal and other sources call for an audit of the way the Federal Reserve implements the country's monetary policy. Included in that would be a look at the possibility of tying the greenback to the value of gold.
President Richard Nixon abolished the gold standard in 1971 and the value of the U.S. dollar has floated since then, with its value depending on economic factors such as exports, inflows of cash, interest rates, inflation and employment.
Read more: Republicans to discuss return to gold standard at convention
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