Bill > SB485

This bill enacts legislation to establish the Louisiana Gold and Silver Currency Platform, which would allow the state treasurer to create a currency backed by gold and silver bullion. The key provisions include: - Authorizing the state treasurer to adopt rules to implement and administer the currency platform, including ensuring security and preventing fraud. - Allowing the treasurer to contract with a bullion depository to hold the precious metal reserves that would back the currency. - Establishing a process for individuals or other states to purchase the currency by exchanging U.S. dollars for an equivalent amount of gold or silver bullion, which would be held in trust by the treasurer. - Providing a mechanism for holders of the currency to redeem it either for U.S. dollars or for the underlying bullion. - Specifying that the money and bullion reserves held for the currency are held in trust by the treasurer and are not available for legislative appropriation.