Senate committee advances bill allowing state vendors to be paid in gold and silver

Representative Irie presented the first substitute to House Bill 195, explaining the measure builds on prior legislation (HB 348) and the work of a 2024 study group that included federal and private‑sector participants. The bill would permit state payments to vendors in precious metals and establish standards—such as in‑state vaulting, independent audits, insurance coverage and clear redemption policies—for any program that used metal‑backed payments. Representative Irie said the change would “bring precious metal payment systems into the 21st century.”

State Treasurer Marlo Oakes urged committee support, saying Utah’s participation would strengthen its footing in national conversations about gold’s tax treatment and allow the state to set high custodial standards that could also benefit private citizens. “As a participant in the market, Utah will strengthen its footing,” Oakes said, and described the study group that informed the bill.

Two members of the public urged passage. Gail Rezika of Utah Eagle Forum described a personal experience converting dollars to gold that increased in value and said the constitution’s references to gold and silver supported the measure. Mary Anne Christiansen of Utah Legislative Watch argued the state should diversify away from sole reliance on the dollar, saying policymakers should provide citizens a pathway to hold precious metals.

Senator Vickers moved to recommend the bill; the committee approved the first substitute on a recorded voice vote (the chair reported 4 yays and 2 noes in committee). The bill now advances to the next committee or floor scheduling stage.