Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Legal Tender topic
No spam. Unsubscribe anytime.
Committee advances bill allowing willing buyers and sellers to transact in gold and silver
Summary
House Bill 177, authored by Rep. Steve Miller, would recognize gold and silver as legal tender between willing buyers and sellers; the committee recommended the bill be sent to the floor with a do-pass recommendation after public testimony from an Idaho Freedom Foundation policy director.
Representative Steve Miller, sponsor of House Bill 177, told the House State Affairs Committee the bill would legalize transactions in gold and silver between willing buyers and willing sellers and allow domestic precious-metal production to be used in such transactions.
"No one is compelled to receive or provide gold in any transaction," Miller said in opening remarks, describing the proposal as limited to voluntary exchanges. He said the change would permit people, entities and the State of Idaho to participate in transactions using gold or silver if all parties agree.
Nicholas Kleinorth, identifying himself as policy director at the Idaho Freedom Foundation, testified in support. He argued federal monetary policy and concerns about central-bank digital currencies and "debanking" have led some Idaho residents to seek alternatives and said treating precious metals as legal tender would be consistent with the U.S. Constitution. He noted tax and capital-gains considerations under current law: "Under the laws on the books today ... I would have to pay taxes on the appreciated value of the silver being exchanged," he said, and argued that tax treatment creates friction for precious-metal exchanges.
Committee members asked practical questions about logistics for large purchases and whether demand exists for transacting in physical metals. Kleinorth replied that logistics would be a buyer-seller agreement and could involve coins, bars or other forms acceptable to the parties.
Representative Alfieri moved to send House Bill 177 to the floor with a do-pass recommendation. Representatives Kiely and Barbieri said they would support the motion; Barbieri raised a procedural question about whether the term "legal tender" implies capability to pay taxes, noting the bill text did not specify tax acceptance. With no further debate, the committee approved the motion by voice vote and ordered the bill to the floor with a do-pass recommendation.
The committee did not take a roll-call tally in the transcript; the motion was recorded as carried by voice vote. The bill text, any fiscal notes, and whether the bill would alter state tax procedures were not included in the hearing record provided.
