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IA HF325
Bill
Status
2/11/2025
Primary Sponsor
Cindy Golding
Click for details
AI Summary
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Requires the Iowa Treasurer of State to issue specie (gold and silver coins) and establish a transactional currency backed by physical gold and silver held in an approved bullion depository
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Authorizes the Texas Bullion Depository or similar U.S. depositories, as well as state-controlled depositories in Iowa, to serve as approved bullion storage facilities
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Mandates the Treasurer hold all specie and bullion in trust for transactional currency holders, maintaining enough reserves to allow redemption of all issued currency units
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Allows holders of transactional currency to redeem it for U.S. dollars, physical specie, or bullion by presenting the currency to the Treasurer of State
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Permits the Treasurer to establish fees for issuance and redemption to cover administrative costs, with excess fees deposited into the state general fund
Legislative Description
A bill for an act relating to the establishment of a transactional currency based on gold and silver held in a bullion depository approved by the treasurer of state, and providing fees.
Last Action
Subcommittee recommends passage.
2/26/2025