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House approves bill allowing vendors to receive state payments in gold or silver accounts
Summary
First substitute House Bill 306 passed the House after floor debate about fiscal notes and implementation. The bill authorizes the state to offer vendors the option to receive payments in precious‑metal denominated arrangements and directs the treasurer’s office to issue an RFP for service providers.
The Utah House on Feb. 13 approved first substitute House Bill 306, a measure that allows vendors to opt to receive state payments in precious metals or through services that convert state dollars into gold or silver holdings. The bill passed on a recorded vote of 71‑0 and will be transmitted to the Senate.
Representative Ivory, the bill sponsor, said the measure takes “a small step in the area of democratizing money,” noting that Utah handles refining and trading activity and that the change would allow vendors the choice to be paid in a medium they believe will retain value. Ivory said the immediate legislative step is limited: the bill authorizes the state treasurer to issue a request for proposals (RFP) so the state can evaluate providers that would enable such payment options.
Floor discussion focused in part on the bill’s fiscal note. Representative Kotler and Representative Stoddard asked whether fiscal costs were hard or soft and whether a revised fiscal note had been posted. Ivory said a fiscal estimate was being revised and characterized likely state costs as substantially below the earlier figure, saying they were “on the order of $80,000” rather than the larger amount in the original note.
Representative Abbott asked whether multiple vendors could participate; Ivory said several firms provide the relevant technology and that the RFP process would identify vendors. Ivory also told the House the state’s role would be analogous to holding another bank account — payments would be pushed in dollars and vendors would receive the sovereign‑approved precious‑metal equivalent on the provider side.
Supporters framed the bill as optional for vendors and low cost to the state, while some members sought written confirmation of the revised fiscal estimate. The House approved the bill unanimously and returned it to the Senate for further consideration.
