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Idaho House Votes to Authorize State Gold & Silver Holdings

Posted By: RumorMail
Date: Friday, 3-Mar-2023 12:48:30
www.rumormill.news/218411

In Response To: Must watch: Florida Rep Bill Would Require Bloggers to Register with the State in Order to Criticize State Government Officials, Including Ron DeSantis (RumorMail)

Snip

By Money Metals

The Idaho State House today approved a bill to enable the State Treasurer to protect state funds from inflation and other financial risks by holding some physical gold and silver.

State representatives voted 40-29 to pass House Bill 180, the Idaho Sound Money Reserves Act, sending the measure introduced by Representative Barbara Ehardt (R-Idaho Falls) and Senator Phil Hart (R-Kellogg) to the Senate for a hearing.

Supported by Idahoans and groups such as Sound Money Defense League, HB 180 would permit – but not require – the State Treasurer to hold some portion of state funds in physical gold and silver to help secure state assets against the risks of inflation and financial turmoil and/or to achieve capital gains as measured in devaluing Federal Reserve Notes.

Speaking on the house floor, Rep. Vito Barbieri (R-Dalton Gardens) said, “We need to give our treasurer the ability to consider doing what so many central banks around the world have been doing, which is acquiring gold. Gold and silver are also right there in our U.S. Constitution.”

The Idaho State Treasurer currently has very few options for holding, managing, and investing Idaho’s “idle moneys.” Due to statutory constraints, Idaho’s reserves are invested almost exclusively in low-yielding debt paper that carries counterparty risk while its value is diminished by inflation.

Stefan Gleason, president of Idaho-based Money Metals Exchange, pointed out that the Idaho Treasurer’s office is dangerously handcuffed. “Because of Idaho’s outdated ‘idle money’ statute, state funds are herded into debt paper instruments whose real value is being absolutely slaughtered by inflation right now.”

“That’s because the state reserves are principally invested in low-interest debt paper, e.g., U.S. Treasuries, money market funds, corporate debt, repurchase agreements, and other dollar-denominated debt,” Gleason continued.

House Bill 180 can be heard before the Senate State Affairs Committee as early as next week.

The Sound Money Defense League is a public policy group working nationally to promote sound money policies, including reaffirming the constitutional role of gold and silver as money. It also maintains the authoritative Sound Money Index which tracks and ranks the policies of all 50 states.

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