Bill > HB0195

This bill, titled "Precious Metals Amendments," makes changes to how the state of Utah can handle precious metals. First, it allows the State Treasurer to invest up to 10% of public funds in certain accounts, such as the State Disaster Recovery Restricted Account and budget reserve accounts, into precious metals, while still adhering to existing state money management laws and allowing administrative costs to be deducted from investment earnings. Additionally, for the years 2026 and 2027, the State Treasurer is required to study the role of precious metals in the state's economic security and report any recommendations to the Revenue and Taxation Interim Committee. Second, the bill establishes a framework for a "precious metals-backed electronic payment system," which would use physical gold or silver held in state vaults to back electronic transactions, allowing participants to redeem the precious metals. The State Treasurer is tasked with contracting for such a system, ensuring it complies with state laws, and exploring its use for state employees, while the Division of Finance will create rules for its use and evaluate its integration into state systems. The bill also specifies that participants in this system will pay any associated transactional costs and clarifies that participation is voluntary for contractors and state entities. This bill is set to take effect on May 6, 2026.

Budget and Finance, Government Affairs

https://le.utah.gov/~2026/bills/static/HB0195.html