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House approves bill letting treasurer recover expenses on physical precious-metal investments after debate over Medicaid language
Summary
The Utah House passed HB 67 on Jan. 24, 2025, allowing the state treasurer to recover expenses for certain precious-metal investments; an amendment aimed at clarifying Medicaid-related language failed and the bill passed 70-0 and was sent to the Senate.
The Utah House on Jan. 24 passed House Bill 67, titled “precious metals investment and administration amendments,” sending the measure to the Senate after floor debate about whether the bill touched Medicaid-related funds.
Representative Ken Ivory, the bill sponsor, told colleagues the measure lets the treasurer recover expenses for a precious-metals investment that is returning substantially more than alternative investments while charging lower fees. “This is physical gold that we actually have a Brink's vault about 5 miles west of here that the state owns gold bars in a Utah locker,” Ivory said, adding the state’s custody arrangement reduces costs compared with an ETF.
The most contested floor moment came when Representative Jennifer Dailey-Provost moved Amendment 1, saying she had worked with the sponsor to “clear up some language that was creating some concern among some advocates.” Critics had flagged the phrase “Medicaid” in the statute and worried the bill would use protected rainy-day funds. Dailey-Provost argued the change only clarified statutory language; Ivory responded that the bill uses earnings on those funds that revert to the general fund and does not appropriate protected rainy-day principal.
“When we call people to jury duty, it’s disruptive,” Representative Thurston said earlier in the session during another matter; on HB 67, Representative Ivory stressed the investment’s lower expense ratio and stronger returns as reasons to preserve the bill’s structure. The House voted on Amendment 1 and the motion to adopt the amendment failed. The House then voted to pass HB 67 by the reported tally of 70 yes, 0 no; the bill was transmitted to the Senate for consideration.
Supporters said the policy allows the treasurer to recover the administrative expense of holding and transacting in a hard-asset investment, while opponents and some advocates urged clearer statutory language to avoid the appearance of tapping protected funds. Ivory said the change would preserve the sponsor’s intent without taking protected principal.
HB 67 now goes to the Senate for its consideration.
