# Gold Reserve Act of 1934 > [!note] Stub — fill out Federal law that transferred all monetary gold (including the certificates returned under [[Executive Order 6102]]) to the U.S. Treasury and devalued the dollar to $35 per ounce of gold. With EO 6102 it completed the [[New Deal]]'s break from the private [[Gold Standard]] — a founding grievance of [[Hard Money Politics]]. Section 10 of the Act also created the [[Exchange Stabilization Fund]], seeded with $2 billion of the devaluation profit and controlled by the Treasury Secretary outside the appropriations process. Expand.