Bill > HB695

This bill amends Louisiana state law to recognize gold and silver as legal tender, expanding on existing regulations. Specifically, the bill modifies a section of state law to broaden the definition of legal tender, removing the requirement that gold or silver coins be "issued" by a state or the federal government, and instead simply requiring that they be "recognized" as legal tender by the United States government. Additionally, the bill introduces a novel provision allowing for "gold-backed debit instruments" that can convert gold held in a depository into traditional currency (fiat currency). This means Louisiana would officially acknowledge gold and silver coins and bullion as valid forms of payment, and create a mechanism for individuals to easily convert gold-based assets into spendable money. The change appears to be part of a broader movement in some states to provide alternatives to standard currency and offer more flexibility in financial transactions, potentially as a hedge against inflation or economic uncertainty.

Budget and Finance, Business and Industry

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=HB695&sbi=y