What were the effects of the government policies that limited people's ability to redeem paper money for gold during the Great Depression?

President Roosevelt took the U.S. off the gold standard when he signed the Gold Reserve Act in 1934. This bill made it illegal for the public to possess most forms of gold.

People were required to exchange their gold coins, gold bullion and gold certificates for paper money at a set price of $20.67 per ounce.

This exchange of gold for paper money allowed the United States to increase the amount of gold reserves at the United States Bullion Depository at Fort Knox. The government raised the price of gold to $35 per ounce, which allowed the Federal Reserve to increase the money supply.

Explanation:

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