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From the link:
MAY 3, 2023 BY MICHAEL MAHARREY
On May 2, a Texas House committee passed a bill to create 100% reserve gold and silver-backed transactional currencies. Enactment of this legislation would create an option for people to conduct business in sound money, set the stage to undermine the Federal Reserve’s monopoly on money, and possibly create a viable alternative to a central bank digital currency (CBDC).
Rep. Mark Dorazio (R) introduced HB4903 on March 10 and it has since garnered a bipartisan coalition of 42 cosponsors. The legislation would require the state comptroller to establish and provide for the issuance of gold and silver specie and also establish digital currencies that are 100% backed by gold and silver, and 100% redeemable in cash, gold, or silver.
The Texas Legislature should establish authority within the Texas State Comptroller’s office to administer access to gold and silver through the Texas Bullion Depository for use as legal tender.
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In my first session as a state representative, I filed legislation to make gold and silver legal tender and functional money in the state of Texas—able to be transacted with the modern convenience of a debit card. While we weren’t able to get it across the finish line, we made great progress on this important issue.
In December of last year, the National Association of Christian Lawmakers voted unanimously to make our bill model legislation for all fifty states, and while that is absolutely wonderful, I want Texas to lead.
The technology already exists today. For example, I am the proud owner of a Glint card. When I load money onto my Glint card, I am actually buying gold that is held in Switzerland, and the value that I have on the card is equal to the gold that I purchased.
If the price of gold goes up, so too does the value I have on the card. When I spend with a merchant, they are paid in U.S. dollars, and Glint liquidates the same value in gold from my holdings. However, in the meantime, the value being tied to gold has given me a hedge against inflation.
Unfortunately, as wonderful as the service is, there are a couple major problems with it. First, I want my gold and silver held right here in the United States. Second, there are tax and privacy implications because my Glint gold is considered an investment by the IRS. Every expenditure has a tax consequence and because of that, there is no privacy.
My legislation solves these problems. We already have the existing Texas Bullion Depository that would allow us to store our gold in our state. Second, this legislation meets the constitutional requirements of Article 1, Section 10 of the United States Constitution regarding legal tender and the federal government’s definition of “functional money”.
All of this means that when the value of a citizen’s gold goes up, it should be exempted from taxation—considered functional money and not as an investment. While this may end up being decided in the courts, I feel strongly based on existing judicial precedent such as Briscoe v Bank of Kentucky that the legislation would hold up to such judicial scrutiny.
By creating functional money, this legislation should prevent the privacy, compliance costs, and tax implications associated with the current Glint card.
I also want to take a moment to look at this from a 20,000-foot view and talk about why it’s important we get legislation like this in place now to protect our citizens in the future. There are two developments, moving at a rapid pace right this moment, that aim to drastically change the global economy and commerce moving forward. The first is the BRICS nations working hard to move away from the US dollar and ultimately to topple it from its position as the global reserve currency. If that happens, it’s going to mean bad things for the dollar and higher inflation destroying the livelihood of our citizens.
The second is the coordinated efforts at the World Economic Forum and in many nations around the world—including the United States—to create central bank digital currencies and move to a cashless society. Let’s make no mistake, this is about control. Every transaction you make will be monitored. Every unit of currency is ultimately able to be controlled by computer code.
You could be frozen out of your entire life savings in an instant. Maybe you “earned” a bad social credit score, and of course, with a few keystrokes they can also inflate the heck out of the digital currency, too.
I’ve spent the last forty years building a construction company from the ground up. I wake up early, and a lot of days I get in the dirt with my guys. These are the hard-working men who build America and just want to provide for their families. I’m watching as the inflation caused by our federal government continues to destroy paychecks and saving power for them and everyone else. I’m also looking to the future and have significant concerns about whether the same American Dream will be available to future generations or whether they will be saddled with inflation, surveillance, and control.
That protection of our citizens rights and the American Dream is what my legislation is really about. It does that by making gold and silver functional money that can be transacted with the convenience of a debit card. A vote in favor of Proposition 7 is a vote in favor of a piece of legislation like mine being enacted into Texas law. It’s a vote in favor of sound money, privacy, and the American Dream.
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The Sound Money index, created by the SMDL, is published on the Monetary Metals website (this has the overview you were looking for):
Sound Money Index: Everything You Need to Know About Gold & Silver Laws
Sound Money Index: Everything You Need to Know About Gold & Silver Laws... Is your state destroying your money?www.moneymetals.com
I discovered another organization that is promoting these State level bills:
Home - Citizens For Sound Money
Sound Markets Require Sound Money. Explore asset-backed digital currencies and join us in shaping finance's future!www.citizens4soundmoney.org
We are rallying together to support our beloved Jim Forsythe during his challenging journey to recovery following a severe accident. Jim, a vibrant and kind-hearted individual, encountered an unfortunate kite surfing accident at the beach, leading to a series of medical complications, including clavicle fracture, multiple rib fractures, pulmonary contusion, pneumothorax and neurovascular injury leading to a severe stroke. The stroke caused complete left sided paralysis on his entire body.
Jim has shown incredible strength and resilience, making gradual progress, such as moving his left leg and responding to touch. However, the road ahead is long and fraught with medical procedures, including surgery to address his collapsed lung and clavicle. The medical team is working tirelessly, focusing on the most critical issues first, but Jim's condition requires extensive care and rehabilitation.
To add to the challenge, Jim is without health insurance, and the financial burden of the medical expenses is immense. The estimated costs are daunting, and without support, Jim and his family face an overwhelming strain.
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Update:
(Trenton, New Jersey) - New Jersey Governor Phil Murphy has unilaterally killed a bill that would have exempted the sales tax on purchases of gold and silver.
A5294/S1825 had passed out of both committees and both chambers of the New Jersey legislature without a single "no" vote. This popular bill had more than a dozen cosponsors and had unanimous approval in each legislative chamber. Despite this, Gov. Murphy chose not to enact the bill into law.
Alabama, Tennessee, Virginia, Mississippi, and Ohio have all recently enacted legislation to exempt gold and silver from state sales tax, or extend their existing exemption on the metals. In total, 43 states have ended sales tax on gold and silver – including all three of New Jersey’s neighboring states.
New legislation to end this tax has already been reintroduced: A2812/S721.
NJ Governor Vetoes Popular Gold and Silver Sales Tax Exemption Bill
New Jersey Governor Phil Murphy has unilaterally killed a bill that would have exempted the sales tax on purchases of gold and silver.www.soundmoneydefense.org
Responding to an overwhelming groundswell of grassroots pressure, Gov. Tony Evers today signed a bill into law that secures Wisconsin’s place as the 44th state in America to end sales taxes on the purchase of precious metals.
Assembly Bill 29 and Senate Bill 33, carried by Rep. Sortwell and Sen. Stroebel, respectively, enjoyed strong bipartisan support in both chambers of the Wisconsin legislature before it landed on Gov. Evers’ desk.
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Yesterday, Utah Gov. Spencer Cox signed a bill into law creating a process for the state to invest in and hold precious metals in reserve accounts. This sets a foundation for Utah to achieve more financial independence and take a small step toward undermining the Federal Reserve’s monopoly on money.
Rep. Ken Ivory introduced House Bill 348 (HB348) on Jan. 19. Under the new law, the state treasurer is authorized to invest up to 10 percent of certain funds in silver, gold, platinum, copper, or palladium. The following funds qualify.
- (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.
On Feb. 28, the Senate approved HB348 by a 25-2 vote. The House previously passed the bill by a vote of 52-18. With Cox’s signature, the law will go into effect on May 1.
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Louisiana treasurer’s pandemic-rooted gold currency pitch blocked in bipartisan vote
March 26, 2024
A push from ultra-conservatives — including Treasurer John Fleming — to allow gold and silver to be used as currency in Louisiana failed Monday in a bipartisan legislative committee vote.
The proposal from Rep. Raymond Crews, R-Bossier City, would have made Louisiana the first state to allow precious metals to be used to conduct direct transactions. But instead of flipping a gold coin Old West-style to a saloon barkeep, his bill would have allowed customers to place their precious metals in a depository in exchange for a debit card. Consumers would then be able to conduct a digital transaction just like they do with a standard debit or credit card.
Crews’ bill failed in a 16-2 vote from the House Commerce Committee. Reps. Danny McCormick, R-Oil City, and Dixon McMakin, R-Baton Rouge, were the only members to vote in favor, although McMakin peppered Fleming with a tough line of questioning about his fiscal claims.
More:
Louisiana treasurer’s pandemic-rooted gold currency pitch blocked in bipartisan vote | New Orleans CityBusiness
The proposal would have made Louisiana the first state to allow precious metals to be used to conduct direct transactions.neworleanscitybusiness.com
The article above is from 3/26/2024. The one below is from today 3/28/2024.
Louisiana Senate Committee Passes Bill to Make Gold and Silver Legal Tender
BATON ROUGE, La. (March 28, 2024) – Yesterday, a Louisiana Senate committee passed a bill that would make gold and silver legal tender in the state. The enactment of the legislation would set the stage for the people to undermine the Federal Reserve’s monopoly on money.
Sen. Mark Abraham filed Senate Bill 232 (SB232) on March 1. Under the proposed law, “any gold or silver coin or specie issued by any state or the United States government as legal tender shall be recognized as legal tender in the state of Louisiana.”
The bill specifies that “no person shall incur any liability for refusal to accept recognized legal tender for the payment of debts, except as provided by contract.” In practice, including the contract clause would mean if parties voluntarily agree to be paid, or to pay, in gold and silver coin, the Louisiana courts could not substitute any other thing, e.g. Federal Reserve Notes, as payment.
On March 27, the Senate Committee on Commerce, Consumer Protection and International Affairs passed SB232. The vote total was not available at the time of this report.
Louisiana Senate Committee Passes Bill to Make Gold and Silver Legal Tender | Tenth Amendment Center
Under the proposed law, “any gold or silver coin or specie issued by any state or the United States government as legal tender shall be recognized as legal tender in the state of Louisiana.”blog.tenthamendmentcenter.com
Well that's some bullshit. How often do Governors oppose expanding State power? MoneyMetals (closely tied to the Sound Money Defense League) is building a huge vault facility in Idaho. I wonder if they might start supporting a challenger for the Idaho Governor...
(Frankfort, Kentucky) -- In a high-stakes showdown with Gov. Andy Beshear over a gold and silver sales tax exemption, the Kentucky legislature today deemed his attempted line-item veto as an illegal act -- and directed the Secretary of State to enroll the exemption into law.
This action makes the Bluegrass State the 45th state in the nation to enact this sound money policy – and the second this year.
After Illegal Veto, Kentucky Becomes 45th State to End Sales Taxes on Gold and Silver
In a high-stakes showdown with Gov. Andy Beshear over a gold and silver sales tax exemption, the Kentucky legislature today deemed his attempted line-item veto as an illegal act -- and directed the Secretary of State to enroll the exemption into law.www.soundmoneydefense.org
Sal chimes in
Was @gringott involved?
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