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Committee clears bill letting vendors elect payment in gold; substitute adopted unanimously
Summary
The House Business and Labor and Commerce Committee adopted a substitute to HB306 to allow state vendors or service providers the option to receive payment in gold via a state-established transactional platform; the committee passed the measure unanimously after public testimony in support.
A Utah committee on Monday adopted a substitute to House Bill 306 that would let state vendors and service providers elect to receive payment in gold through a state-facilitated transactional platform. The committee adopted the substitute unanimously and later voted to pass the bill out favorably.
The sponsor described the substitute as straightforward: it would authorize the treasurer to run an RFI/RFP, set up account infrastructure analogous to bank accounts and allow the state to 'push dollars' while recipients 'receive gold' stored and audited under state standards, providing a new payment option for vendors, the sponsor said. Marlo Oakes, Utah's state treasurer, told the committee the platform could "facilitate real time transactions, dollar conversions, and secure gold storage in Utah under strict state safety standards." The treasurer also noted current federal tax treatment of gold as a capital asset can create taxable events for frequent transactions.
Supporters said the option could help preserve purchasing power against inflation and give Utahns more payment choices; opponents did not appear during public comment. Representative Burton moved to adopt the 1st substitute; the committee adopted it and then voted to pass HB306 out favorably in a roll-call vote that the chair announced as unanimous. The committee will forward the bill to the next stage of the legislative process.
