Rep. Norm Thurston — Voting Record

Bill

Number

H.B. 306 (2025GS)

Sponsor

Rep. Ivory, Ken

Final action

Governor Vetoed 3/27/2025

Outcome

Vetoed

Summary

What it does

• This bill:
• extends and adds a sunset date to the state treasurer's precious metals study requirement;
• requires the state treasurer to develop and issue a competitive procurement for a precious metals-backed electronic payment system;
• establishes requirements for the request for proposals;
• requires the state treasurer to evaluate proposals; and
• requires annual reporting to the Revenue and Taxation Interim Committee.

Every vote on this bill

Bill text

22
63I-1-267
67-4-19
67-4-20
Precious Metals Amendments
2025 GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Ken Ivory
LONG TITLE
General Description:
This bill enacts and modifies provisions relating to state investment in gold and the 
establishment of a gold-backed digital payment system.
Highlighted Provisions:
This bill:
extends and adds a sunset date to the state treasurer's precious metals study requirement;
requires the state treasurer to develop and issue a request for proposals for a precious 
metals-backed electronic payment system;
establishes requirements for the request for proposals;
requires the state treasurer to evaluate proposals; and
requires annual reporting to the Revenue and Taxation Interim Committee.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
63I-1-267
, as last amended by Laws of Utah 2024, Chapter 385
67-4-19
, as enacted by Laws of Utah 2024, Chapter 492
ENACTS:
67-4-20
, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1, Section 
63I-1-267
 is amended to read:
63I-1-267. Repeal dates: Title 67.
(1)
Section 
67-1-8.1
, Executive Residence Commission -- Recommendations as to use, 
maintenance, and operation of executive residence, is repealed July 1, 2027.
(2)
Section 
67-1-15
, Approval of international trade agreement -- Consultation with Utah 
International Relations and Trade Commission, is repealed December 31, 2027.
(3)
Section 
67-3-11
, Health care price transparency tool -- Transparency tool requirements, 
is repealed July 1, 2024.
(4)
Subsection 
67-4-19(3)
, regarding an annual study conducted by the state treasurer on 
the role of precious metals in augmenting, stabilizing, and ensuring the economic 
security and prosperity of the state, is repealed July 1, 2028.
(5)
Title 67, Chapter 5a, Utah Prosecution Council, is repealed July 1, 2027.
Section 2, Section 
67-4-19
 is amended to read:
67-4-19. Investments of public funds in precious metals by state treasurer -- 
Precious metals study and report to Legislature.
(1)
As used in this section, "precious metal" means the same as that term is defined in 
Section 
61-1-13
.
(2)
(a)
Subject to Subsection (2)(b), the state treasurer may invest a portion of public 
funds in the following accounts in precious metals:
(i)
the State Disaster Recovery Restricted Account, created in Section 
53-2a-603
;
(ii)
the General Fund Budget Reserve Account, created in Section 
63J-1-312
;
(iii)
the Income Tax Fund Budget Reserve Account, created in Section 
63J-1-313
; and
(iv)
the Medicaid Growth Reduction and Budget Stabilization Account, created in 
Section 
63J-1-315
.
(b)
(i)
The amount of public funds that the state treasurer may invest in precious 
metals in an account described in Subsection (2)(a) may not, at the time the 
investment is made, exceed 10% of the total amount of public funds in that 
account.
(ii)
The requirements of Subsections 
51-7-14
(2) and (3) apply to the state treasurer's 
investments in precious metals under Subsection (2)(a).
(iii)
Any public funds in an account described in Subsection (2)(a) not invested by 
the state treasurer in precious metals under this Subsection (2) shall be invested as 
provided in Title 51, Chapter 7, State Money Management Act.
(3)
The state treasurer shall:
(a)
conduct 
a
an ongoing
 study analyzing the role of precious metals in augmenting, 
stabilizing, and ensuring the economic security and prosperity of the state, the 
families and residents of the state, and businesses in the state; and
(b)
submit to the Revenue and Taxation Interim Committee 
on or before the 
committee's 2024
annually at or before the
 October interim committee meeting any 
recommendations for legislation resulting from the 
outcome of 
the study conducted 
under Subsection (3)(a).
Section 3, Section 
67-4-20
 is enacted to read:
67-4-20. Alternative precious metals-backed electronic payment system.
(1)
As used in this section:
(a)
"Participating state entity" means a state entity that opts to use the precious 
metals-backed electronic payment system for receiving payments or making 
disbursements.
(b)
"Precious metals-backed electronic payment system" means an electronic payment 
system that:
(i)
uses gold or silver held in vault facilities within the state as backing for electronic 
transactions; and
(ii)
allows for the redemption of physical gold or silver by system participants.
(2)
The state treasurer shall:
(a)
develop and issue a request for proposals to create, supply, and operate a precious 
metals-backed electronic payment system for the state;
(b)
evaluate proposals based on security, efficiency, and cost-effectiveness;
(c)
select a service provider to implement, operate, and maintain the precious 
metals-backed electronic payment system;
(d)
establish policies and procedures for the use of the precious metals-backed electronic 
payment system by participating state entities;
(e)
establish reasonable parameters to enable the redemption of physical gold or silver 
by participants in the precious metals-backed electronic payment system;
(f)
ensure that the precious metals-backed electronic payment system complies with all 
applicable provisions of Title 51, Chapter 7, State Money Management Act;
(g)
consult with the State Tax Commission on potential tax implications of the precious 
metals-backed electronic payment system;
(h)
evaluate the options and implications for allowing state employees to receive 
compensation through the precious metals-backed electronic payment system; and
(i)
report annually to the Revenue and Taxation Interim Committee on the status and 
performance of the precious metals-backed electronic payment system.
(3)
The request for proposals described in Subsection (2) shall require that the precious 
metals-backed electronic payment system:
(a)
uses gold or silver vaulted within the state;
(b)
allows for the redemption of physical gold or silver by system participants;
(c)
includes technology and software held in escrow for state access; and
(d)
complies with all applicable state and federal laws and regulations.
(4)
Nothing in this section shall be construed to:
(a)
require any state entity to participate in the precious metals-backed electronic 
payment system; or
(b)
prevent the state from using other forms of payment or currency for the state's 
operations.
Section 4. 
Effective Date.
This bill takes effect on 
May 7, 2025
.
1-23-25 10:22 AM