Committee approves bill to let state store bullion and let treasurer invest up to 10% of funds in gold and silver
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Summary
House Bill 2,140 received a due‑pass recommendation (4‑0‑1). The bill would permit state entities to store bullion in the Arizona Bullion Depository and authorize the state treasurer to invest up to 10% of state monies in physical bullion; rulemaking by the Department of Insurance and Financial Institutions was included but sponsor said she could discuss removing it.
The Committee on Regulatory Oversight voted to give House Bill 2,140 a due‑pass recommendation, approving language that would allow the state and its entities to use an Arizona Bullion Depository and permit the state treasurer to deposit up to 10% of state monies as bullion.
Sponsor Representative Lisa Fink told the committee the measure would allow the treasurer to diversify long‑term investment portfolios by allocating a limited portion to bullion. Fink quoted a statement she attributed to Utah's state treasurer and said physical gold can have "no counterparty risk," arguing it can serve as a market‑disruption hedge.
Committee staff (identified in the hearing as Isabella/Isabel) summarized the bill's provisions, saying it permits state use of the depository, allows the treasurer to deposit up to 10% of state monies as bullion, and requires the Department of Insurance and Financial Institutions to adopt rules to implement the bill.
A committee member asked whether the sponsor would remove the rule‑making provision; Representative Fink said she was open to discussing that change and would work with the state treasurer. No public witnesses testified on this bill. The committee recorded votes of Aye from Representatives Contreras, Hernandez and Cashel; Vice Chairman Collins was recorded Present; Chairman Chaplet voted Aye. The clerk reported 4 ayes, 0 nays and 1 present and announced the bill received a due‑pass recommendation.