Sent to Governor
State investments, silver and gold
STATE TREASURER – Amends existing law to provide that idle moneys may be invested in physical gold and silver in certain instances, to provide for storage of physical gold and silver, and to provide for a maximum allowed investment.

RS31163 / S1314

Since the year 2000, the M2 money supply has grown by 350 percent. quadrupled. A quadrupling of the money supply will eventually accelerate the rate of inflation.

In other words, it has more than

By adding physical gold and silver to Idaho Code § 67-1210, the State Treasurer will be permitted to hold some protion of state funds in physical gold and silver to help secure state assets against the risk of inflation and financial turmoil and/or to achieve capital gains as measured in Federal Reserve Notes.

The new authority will be confined to holding gold and silver directly and in a manner that does not assume the counter party risks involved with other current state holdings, such as corporate bonds, treasury bills, and other debt instruments. This measure does not empower the State Treasurer to invest in paper forms of the metal like futures contracts, or other gold and silver derivatives. The authority is confined to physical gold and silver, directly owned by the state and stored in a secure depository or any bank or credit union with a class 1 vault and licensed by the Department of Finance.

Bill Events
Date Description
02/09 Introduced; read first time; referred to JR for Printing
02/12 Reported Printed; referred to State Affairs
03/06 Reported out of committee; to 14th Order for amendment
03/07 Placed in the Committee of the Whole
03/07 Reported out without recommendation, as amended
03/07 Amendments ordered printed; referred for engrossment
03/07 Amendments reported printed
03/07 Reported engrossed, filed for first reading, as amended
03/07 Read first time as amended, filed for Second Reading
03/08 Read second time as amended, filed for Third reading
03/11 Read third time in full as amended – PASSED - 25-9-1
AYES – Adams, Anthon, Bernt, Bjerke, Burtenshaw, Carlson, Cook, Foreman, Grow, Guthrie, Harris, Hart, Herndon, Lakey, Lee, Lenney, Lent, Nichols, Okuniewicz, Ricks, Toews(Toews), Trakel, VanOrden, Winder, Zuiderveld
NAYS – Hartgen, Just, Rabe, Ruchti, Schroeder, Semmelroth, Taylor, Ward-Engelking, Wintrow
Absent and excused – Den Hartog
Floor Sponsor - Hart
Title apvd - to House
03/12 Received from the Senate, Filed for First Reading
03/12 Read First Time, Referred to State Affairs
03/26 Reported out of Committee with Do Pass Recommendation, Filed for Second Reading
03/27 Read second time; Filed for Third Reading
03/28 Read Third Time in Full – PASSED - 36-33-1
AYES – Alfieri, Andrus, Barbieri, Boyle, Cannon, Crane(12), Crane(13), Dixon(1), Durrant, Ehardt, Ehlers, Erickson, Gallagher, Hawkins, Healey, Hill(Brown), Holtzclaw(Johnson), Horman, Kingsley, Lambert, Manwaring, Mendive, Miller, Mitchell, Monks, Pickett, Price, Redman, Scott, Shepherd, Skaug, Tanner, Vander Woude, Wisniewski, Young, Mr. Speaker
NAYS – Achilles, Allgood, Berch, Blanksma, Bundy, Burns, Cheatum, Chew(Harada), Clow, Cornilles, Dixon(24), Furniss, Galaviz, Gannon, Garner, Green, Handy, Lanting, Mathias, McCann, Mickelsen, Necochea, Nelsen, Petzke, Raybould, Raymond, Roberts, Rubel, Sauter, Weber(Weber), Wheeler, Wroten, Yamamoto
Absent – Palmer
Floor Sponsor - Ehardt
Title apvd - to Senate
03/28 Returned From House Passed; referred to enrolling
03/28 Reported enrolled; signed by President; to House for signature of Speaker
03/29 Received from Senate; Signed by Speaker; Returned to Senate
04/02 Reported signed by the Speaker & ordered delivered to Governor