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NJ S4674
Bill
Status
6/30/2025
Primary Sponsor
Robert Singer
Click for details
AI Summary
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Establishes a voluntary electronic transactional currency system in New Jersey backed by gold and silver specie and bullion held in a pooled depository account, administered by the Commissioner of Banking and Insurance
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Designates qualifying gold and silver specie as legal tender for payment of debts in New Jersey to the extent authorized by Article I, Section 10 of the U.S. Constitution, with specific marking requirements for weight and purity
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Requires the Commissioner to hold all gold and silver backing the currency in trust, maintaining sufficient reserves to redeem all issued currency units at any time
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Allows currency holders to redeem their units for either U.S. dollars or physical precious metals, with fees authorized to cover administrative costs
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Takes effect on the first day of the seventh month following enactment, with trust fund assets protected from legislative appropriation
Legislative Description
Establishes gold and silver transactional currency system; designates Commissioner of Banking and Insurance as administrator; provides legal tender status; authorizes fees.
Commerce
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee
6/30/2025