Legal News for Fri 6/5 - SCOTUS Greenlights Skinny Labels, SEC Disgorgement a go, and FCC In-house Fine Process Survives
This Day in Legal History: Congress Repeals the Gold Clause
On this day in 1933, Congress passed the Joint Resolution that voided the gold clauses written into nearly every long-term contract and bond obligation in the United States, both public and private. The resolution declared that any provision purporting to require payment “in gold or a particular kind of coin or currency” was “against public policy,” and that obligations could be discharged dollar for dollar in whatever legal tender currency was in force at the time of payment. It was a remarkable act of legislative power: a…
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