This Day in Wall Street History 1934: Gold Reserve Act is passed

The value of American currency ping-ponged up and down wildly throughout the Great Depression. However, on this day in 1934, the House looked to put a halt to the vacillation by passing the Gold Reserve Act. The adoption of the act gave President Franklin Roosevelt license to peg the value of the dollar within a range of 50 to 60 cents in terms of gold. Roosevelt took swift action: the next day he announced that the dollar would be worth 59.06 cents, while gold would be valued at $35 per ounce. The Gold Reserve Act also paved the way for the "nationalization" of gold: as per the legislation's mandate, the various Federal Reserve banks handed control of their gold supplies, including all coins, bullion and gold certificates, to the U.S. Treasury. The U.S. Treasury shuttled a good chunk of the gold to a well-protected spot in Fort Knox, Kentucky.  Source: www.history.com