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Utah committee approves measure letting state vendors opt to be paid in gold
Summary
The House Business, Labor and Commerce Committee unanimously adopted a substitute and voted to pass House Bill 306, which lets state vendors elect to receive payment in gold via a treasurer-run transactional platform; proponents say it preserves purchasing power, opponents raised tax and implementation questions during testimony.
Representative Ivory presented House Bill 306, a substitute bill that would let a state vendor or service provider elect to receive payment in gold instead of U.S. dollars and authorize the state treasurer to pursue a transactional gold platform. The committee adopted the substitute and voted unanimously to send the bill out favorably.
The bill would authorize the state to contract for or procure a transactional platform that can convert dollars to physically backed gold, store it under audit and security standards, and enable vendors to hold gold through state-authorized accounts. "It simply allows a state vendor or service provider to choose to receive payment in gold from the state instead of dollars," Representative Ivory said in opening the presentation.
Nut graf: Supporters told the committee the measure is a…
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