Senate committee votes 3-2 against bill to require state purchase of gold and silver

The Senate Industry and Business Committee voted 3-2 to recommend do not pass on legislation and related resolutions that would have directed state officials to acquire or hold precious metals as part of state assets.

Committee members debated the bill introduced by Representative Dan Johnston and referenced a related House Concurrent Resolution, House Resolution 3001, which encourages the State Treasurer and State Investment Board to consider investing selected state funds in digital assets and precious metals. Several senators questioned whether the State Treasurer's office is the proper vehicle for investments and raised concerns about storage, security, and liquidity.

"I once again, I'd say, what does the state treasurer have to do with investing? The state treasurer is a goal is the treasurer. He is not responsible for any investments," Senator Klein said during discussion, arguing that investment duties are handled elsewhere. Other senators highlighted storage and security logistics for physical precious metals and suggested the State Investment Board or other investment entities would be more appropriate forums.

Supporters of the idea argued gold can serve as a store of value and cited historical price movements; opponents stressed the practical difficulties of requiring the treasurer to hold bullion. After debate the committee approved a motion for do not pass by roll call, with Senators Klein, Castle and Chairman (recorded as) Bridal voting aye and Vice Chair Behm and Senator Engott recorded as nay, producing a 3-2 recommendation against the measure.

Committee members said they expect the matter to be raised again and suggested proponents could press their views on the floor. The committee recorded the do-not-pass recommendation and returned to other agenda items.