The current Federal Reserve system benefits elites. The gold standard is equitable and puts “we the people” in control of the money supply. That's why it was part of America's founding and has been a key to the country's long economic success.

On Thursday I introduced a bill that would return the dollar to the gold standard—the first such attempt since Jack Kemp's Gold Standard Act of 1984. Under this legislation the Fed would still exist, but it would administer the money supply rather than dictate it. Instead the market would be in charge, the supply and demand for money would match up, and prices would be shaped by economics rather than the instincts of bureaucrats.