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Senate committee debates SB115 to authorize Kansas bullion depository and allow limited state gold holdings
Summary
Senate Bill 115 would let the state treasurer establish bullion depositories, require security, insurance and twice-yearly independent audits, and permit the treasurer to invest a portion of state monies in specie; proponents argued it hedges inflation while opponents warned against the state becoming a market participant.
The Senate Committee on Financial Institutions and Insurance heard extended testimony and questioning on Senate Bill 115, which would create the Kansas Bullion Depository Act and authorize the state treasurer to establish and administer bullion depositories and to contract with private administrators.
The reviser summarized SB115’s scope: it would define who may establish depository accounts, set required security, insurance and audit standards, prohibit depository officials from having financial interests in bullion-related businesses, require quarterly reporting by a contracted administrator and an annual report by the treasurer to the Legislature, and permit the treasurer to deposit a…
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