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House approves purchasing reserve fund that would hedge state purchases with gold
Summary
The House passed first substitute HB 405 to collect a small vendor fee on state contracts and place funds in a restricted account invested in gold as an inflation hedge; supporters called it prudent reserve-building, opponents warned it resembles a tax and could limit fiduciary flexibility.
Representative Ivory sponsored first substitute HB 405, which would add a modest vendor fee (described in debate as three‑tenths of one percent on contracts) to create a restricted purchasing reserve invested, in part, in precious metals as a hedge against inflation. "This bill is about preparing for the dangers that we see coming in inflation," Ivory said, explaining the fund would be restricted for specific emergencies and turned…
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