Committee advances bill to create Arizona bullion depository and permit transactional gold and silver

The Committee on Regulatory Oversight advanced House Bill 2,123 on a 4‑0‑1 vote, recommending the creation of an Arizona Bullion Depository under the state treasurer and a legal framework to allow gold and silver to function as a form of payment.

Representative Lisa Fink, the bill sponsor, told the committee the measure would make gold and silver an optional way to pay and described it as a hedge against inflation for ordinary Arizonans. "This is just another way to pay," Fink said, adding that a transactional model would let consumers use a debit card backed by bullion so retailers receive dollars while customers draw on allocated metal holdings.

Committee staff (identified in the hearing as Isabella) said HB 2,123 would permit the treasurer to contract with third‑party vendors for administration, authorize electronic payment systems and vault facilities, and require deposits to be covered by an all‑risk insurance policy. The staff summary also said the bill recognizes gold and silver as legal tender.

Laurie Bolton of the Transactional Gold and Silver Project testified in support, describing a system in which citizens purchase fully allocated, insured bullion that is stored in a state depository and made spendable through a linked debit card. Bolton said similar bills have been filed in multiple states and that versions passed in six states last session.

After public testimony the committee took a roll call. Representatives Contreras, Hernandez and Keshle voted Aye; Vice Chairman Collin voted Present; the chair voted Aye. The committee secretary reported 4 ayes, 0 nays and 1 present and announced the bill received a due‑pass recommendation.

The committee did not adopt any amendments during the hearing. The due‑pass recommendation moves the bill forward in the legislative process to the next committee or floor consideration, depending on House rules.