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ID H0522
Bill
Status
2/17/2022
Primary Sponsor
State Affairs Committee
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AI Summary
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Adds physical gold and silver as a permitted investment vehicle for state idle moneys under Idaho Code Section 67-1210, allowing the state treasurer to invest directly in precious metals.
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Requires gold and silver to be maintained securely in a depository for precious metals located within Idaho that meets current industry standards for secure storage, or in a contiguous state if no qualifying depository exists in Idaho.
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Mandates that precious metals held in a qualifying depository be insured, independently audited, and physically segregated from other assets.
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Makes technical corrections to the existing investment statute regarding language about depositories and deposit insurance for various account types.
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Declares an emergency and makes the act effective July 1, 2022.
Legislative Description
Amends existing law to provide that idle moneys may be invested in physical gold and silver in certain instances.
STATE TREASURER
Last Action
Introduced, read first time; referred to: State Affairs
2/18/2022