House passes bill allowing vendors to elect electronic gold or silver payments
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Summary
The House passed first substitute HB 195 to let state vendors choose electronic payment in gold or silver (or remain in dollars); an amendment made vendors responsible for transaction costs on physical metal payments. Supporters said the bill preserves purchasing power; opponents did not speak on record during floor debate.
Representative Ken Ivory introduced first substitute House Bill 195, saying the measure would let vendors and service providers to the state choose to be paid in gold or silver electronically or continue to be paid in dollars. "What is money?" Ivory asked on the House floor as he framed the bill around preserving purchasing power.
Representative Joseph Eliason offered amendment 1 to clarify that participants who receive physical gold or silver would be responsible for transaction costs rather than the State of Utah. Ivory described the amendment as "friendly," and the House adopted it on a voice vote.
Ivory emphasized the bill does not affect the state's rainy-day fund and described the proposal as creating an RFP where the state treasurer would select a vendor to transact payments in gold or silver. "This simply allows an RFP where the treasurer would choose a vendor that would transact payments in gold and silver," he said.
After debate concluded, the House voted on first substitute HB 195; the clerk announced the bill passed with 65 yes votes and 6 no votes. The bill will be transmitted to the Senate for its consideration.
The next step is Senate consideration; the transcript does not record any agency analysis, fiscal note details, or stakeholder statements beyond the floor debate.