SEC. 2. DEFINE THE DOLLAR IN TERMS OF GOLD.

   Effective 30 months after the date of enactment of this Act--
           (1) the Secretary of the Treasury (in this Act referred to 
       as the ``Secretary'') shall define the dollar in terms of a 
       fixed weight of gold, based on that day's closing market price 
       of gold; and
           (2) Federal Reserve Banks shall make Federal Reserve notes 
       exchangeable with gold at the statutory gold definition of the 
       dollar.