House committee backs bills to recognize gold and silver as legal tender and allow treasurer investments
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Summary
On March 2, the Arizona House’s committee‑of‑the‑whole adopted floor amendments and recommended passage of two related measures: HB2123 would affirm gold and silver as legal tender and enable fractional electronic use; HB2140 would allow the state treasurer to invest up to 10% of funds in gold and silver. Sponsors said participation is optional and intended as an inflation hedge.
Representative Jennifer Fink moved floor amendments and urged colleagues to back two related measures on March 2 that would expand how gold and silver can be used and held by the state. "Basically, what this does is affirms gold and silver as legal tender consistent with article 1, section 10 of the US Constitution, and allows gold and silver to be used fractionally through modern electronic systems, making participation accessible to everyday households," Fink said on the House floor.
Fink said the amendments remove rule‑making and add "prudent investor standards" for participation. On the second measure, she told the chamber HB2140 "allows the state treasurer to be able to invest up to 10% in gold and silver, which is a hedge against inflation." She framed the proposals as voluntary options for citizens and the state rather than mandates.
Members offered little extended debate on either bill on the floor during the committee‑of‑the‑whole consideration; the body adopted the sponsors’ floor amendments and the committee recommended both bills as amended to pass. The clerk recorded the committee recommendation during the morning calendar work.
What happens next: the bills were recommended out of the committee of the whole and will proceed through engrossing and subsequent floor action. If taken up on third reading later in the process, the House will record a final passage vote that determines whether the measures are conveyed to the Senate.