Wyoming Gold Act. | 25LSO-0313, 1.0 |
FISCAL NOTE
The fiscal impact is indeterminable, but additional expenditures are expected.
This legislation would require the State Treasurer’s Office (STO) to hold at least $10,000,000 in specie and specie legal tender between and across all state-managed accounts. The STO would also invest in precious metal leases or bonds payable in precious metals, if market conditions warrant. The STO would be permitted to contract with precious metals firms and industry experts to carry out required duties. The bill also requires the STO to adopt rules necessary for its implementation by January 1, 2026, and requires a study to be submitted to the Joint Revenue Committee and the Select Committee on Financing and Investments by October 1, 2025.
The STO anticipates that the fiscal impact of this legislation would depend on how much is held in specie and specie legal tender, and on how the specie and specie legal tender to be held are ultimately divided among state accounts.
The fiscal impact of the requirement that the STO invest in precious metal leases or bonds payable in precious metals if market conditions warrant is also indeterminable.
The legislation allows the STO to contract for services with external parties. This potential expenditure increase is indeterminable.
The STO has limited space for holding specie. Additional expenditures would be necessary to obtain appropriate space and staffing, but the total amount of such expenditures is not known. Finally, it is probable that completion of both the rulemaking process and the study required by this legislation would necessitate additional STO expenditures for the staff and resources needed on those projects.
Prepared by: Matt Sackett, LSO Contractor Phone: 777-7881
(Information provided by Samantha Dailey, State Treasurer's Office, 307-777-7408)
SF0096
ORIGINAL Senate ENGROSSED
File No. SF0096
ENROLLED ACT NO. 13, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 General Session
AN ACT relating to the Wyoming Legal Tender Act; requiring the state treasurer to hold and invest specie and specie legal tender; authorizing the state treasurer to hire consultants; requiring a study and report; and providing for effective dates.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1. W.S. 9‑4‑1306 is created to read:
9‑4‑1306. State treasurer duties; consultants; rulemaking authority.
(a) The state treasurer shall implement this article by:
(i) Holding not less than ten million dollars ($10,000,000.00) in specie and specie legal tender in the permanent Wyoming mineral trust fund for the purpose of diversifying the state's investment portfolio, preserving capital and insuring against inflation, debt defaults and other risks;
(ii) If market conditions warrant, investing in precious metal leases or bonds payable in precious metals.
(b) The state treasurer may contract for services with established precious metals firms and other industry experts to assist with the duties of the treasurer under this section. The state treasurer shall require financial disclosures along with any other requirements specified by the state treasurer before engaging in any contract under this subsection.
Section 2.
(a) The department of revenue shall conduct a study that reviews methods for the state to begin accepting gold and silver as a payment medium.
(b) The department of revenue shall submit the results of the study required under subsection (a) of this section and any recommendations for legislation resulting from the study to the joint revenue interim committee and the select committee on capital financing and investments not later than October 1, 2025.
Section 3.
(a) Except as provided in subsection (b) of this section, this act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.
(b) Section 1 of this act is effective January 1, 2026.
(END)
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Speaker of the House |
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| Governor |
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| TIME APPROVED: _________ |
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| DATE APPROVED: _________ |
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I hereby certify that this act originated in the Senate.
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Chief Clerk |
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SF0096 | Wyoming Gold Act. |
Sponsored By: Senator(s) Ide, French, Hutchings, Laursen, D, Salazar, Smith, D and Steinmetz and Representative(s) Allemand, Heiner, Lien, Locke and Smith, S
AN ACT relating to the Wyoming Legal Tender Act; requiring the state treasurer to hold and invest specie and specie legal tender; authorizing the state treasurer to hire consultants; requiring a study and report; and providing for effective dates.
1/7/2025 Bill Number Assigned
1/10/2025 S Received for Introduction
1/16/2025 S Introduced and Referred to S03 - Revenue
1/24/2025 S03 - Revenue:Recommend Amend and Do Pass 3-2-0-0-0
ROLL CALL
Ayes: Senator(s) French, Ide, Mckeown
Nays: Senator(s) Case, Pappas
Ayes 3 Nays 2 Excused 0 Absent 0 Conflicts 0
1/24/2025 S Placed on General File
SF0096SS001/ADOPTED
Page 2-line 3 Delete \"between\".
Page 2-line 4 Delete \"and across all state managed accounts\" and insert \"in the permanent Wyoming mineral trust fund\".
Page 3-line 19 After \"committee on\" insert \"capital\". McKeown, Chairman
1/29/2025 S COW:Passed
1/30/2025 S 2nd Reading:Passed
SF0096S3001/ADOPTED
Page 1-line 4 Delete \"providing rulemaking authority;\".
Page 2-lines 20 and 21 Delete entirely.
Page 3-lines 1 through 3 Delete entirely.
Page 3-line 5 Delete \"Section 3.\" and insert \"Section 2.\".
Page 3-lines 7 through 13 Delete entirely and insert:
\"(a) The state treasurer shall conduct a study that reviews methods for the state to begin accepting gold and silver as a payment medium.\".
Page 4-line 1 Delete \"Section 4.\" and insert \"Section 3.\". Nethercott
1/31/2025 S 3rd Reading:Passed 25-6-0-0-0
ROLL CALL
Ayes: Senator(s) Biteman, Boner, Brennan, Cooper, Crago, Crum, Dockstader, Driskill, French, Hicks, Hutchings, Ide, Jones, Kolb, Landen, Laursen, Mckeown, Nethercott, Olsen, Pearson, Salazar, Schuler, Scott, Smith, Steinmetz
Nays: Senator(s) Anderson, Barlow, Case, Gierau, Pappas, Rothfuss
Ayes 25 Nays 6 Excused 0 Absent 0 Conflicts 0
1/31/2025 H Received for Introduction
2/10/2025 H Introduced and Referred to H02 - Appropriations
2/13/2025 H02 - Appropriations:Recommend Amend and Do Pass 5-1-1-0-0
ROLL CALL
Ayes: Representative(s) Allemand, Angelos, Bear, Haroldson, Pendergraft
Nays: Representative Sherwood
Excused: Representative Smith
Ayes 5 Nays 1 Excused 1 Absent 0 Conflicts 0
2/13/2025 H Placed on General File
SF0096HS001/ADOPTED (TO ENGROSSED COPY)
Page 3-line 1 Delete \"state treasurer\" and insert \"department of revenue\".
Page 3-line 5 Delete \"state treasurer\" and insert \"department of revenue\". Bear, Chairman
SF0096HW001/WITHDRAWN
2/14/2025 H COW:Passed
SF0096H2001/FAILED (TO ENGROSSED COPY)
Page 1-line 4 After \"report;\" insert \"providing an appropriation;\".
Page 3-after line 10 Insert:
\"(c) There is appropriated fifty thousand dollars ($50,000.00) from the general fund to the department of revenue for purposes of conducting the study required under subsection (a) of this section for the period beginning with the effective date of this act and ending June 30, 2026. This appropriation shall not be transferred or expended for any other purpose and any unexpended, unobligated funds remaining from this appropriation on June 30, 2026 shall revert as provided by law. It is the intent of the legislature that this appropriation not be included in the department of revenue's standard budget request for the immediately succeeding fiscal biennium.\". Larsen, L
SF0096H2002/FAILED (TO ENGROSSED COPY)
Page 1-line 3 After \"tender;\" delete balance of line.
Page 1-line 4 Delete \"consultants;\".
Page 2-line 2 After \"Holding\" insert \"the rights to\".
Page 2-lines 12 through 18 Delete entirely. Yin
ROLL CALL
Ayes: Representative(s) Byron, Campbell, E, Chestek, Connolly, Eklund, Harshman, Jarvis, Larsen, Nicholas, Posey, Provenza, Sherwood, Storer, Yin
Nays: Representative(s) Allemand, Andrew, Angelos, Banks, Bear, Brady, Bratten, Brown, G, Brown, L, Campbell, K, Clouston, Davis, Erickson, Filer, Geringer, Guggenmos, Haroldson, Heiner, Hoeft, Johnson, Kelly, Knapp, Larson, Lawley, Lien, Locke, Lucas, Mccann, Neiman, Ottman, Pendergraft, Rodriguez-Williams, Schmid, Singh, Smith, Strock, Styvar, Tarver, Thayer, Washut, Wasserburger, Webb, Webber, Wharff, Williams, Winter
Excused: Representative(s) Riggins, Wylie
Ayes 14 Nays 46 Excused 2 Absent 0 Conflicts 0
SF0096H2003/FAILED (TO ENGROSSED COPY)
Page 1-line 3 After \"tender\" insert \", treasury inflation protected securities, gold exchange traded funds, real estate and gold and silver mineral-producing companies\".
Page 1-line 14 Delete \"shall\" and insert \"may\".
Page 2-line 2 After \"(i)\" insert \"If market conditions warrant,\".
Page 2-line 3 After \"tender\" insert \", treasury inflation protected securities, gold exchange traded funds, real estate and gold and silver mineral-producing companies\".
Page 2-line 7 After \"risks\" insert \", including a black swan event\". Storer, Nicholas
SF0096H2004/FAILED (TO ENGROSSED COPY)
Delete the Storer et al. second reading amendment (SF0096H2003/AE) entirely and further amend as follows:
Page 1-line 3 After \"tender\" insert \"and bitcoin\".
Page 2-line 3 After \"tender\" insert \"and not less than one million dollars ($1,000,000.00) in bitcoin\". Wasserburger
SF0096H2005/FAILED (TO ENGROSSED COPY)
Page 2-line 3 Delete the Wasserburger second reading amendment (SF0096H2004/A) to this line; after \"tender\" insert \"and gold futures or funds that enable the owner to take delivery of the gold\". Nicholas
2/18/2025 H 2nd Reading:Passed
SF0096H3001/FAILED (TO ENGROSSED COPY)
Page 1-line 4 After \"report;\" insert \"providing an appropriation;\".
Page 3-after line 10 Insert:
\"(c) There is appropriated forty-five thousand dollars ($45,000.00) from the general fund to the department of revenue for purposes of conducting the study required under subsection (a) of this section for the period beginning with the effective date of this act and ending June 30, 2026. This appropriation shall not be transferred or expended for any other purpose and any unexpended, unobligated funds remaining from this appropriation on June 30, 2026 shall revert as provided by law. It is the intent of the legislature that this appropriation not be included in the department of revenue's standard budget request for the immediately succeeding fiscal biennium.\". Larsen, L
SF0096H3002/FAILED (TO ENGROSSED COPY)
Page 2-line 4 Delete \"permanent Wyoming mineral trust\" and insert \"general\". Filer
SF0096H3003/FAILED (TO ENGROSSED COPY)
Delete the House standing committee amendment (SF0096HS001/AE) and the first Larsen, L third reading amendment (SF0096H3001/AE) entirely and further amend as follows:
Page 1-line 4 Delete \"requiring a study and report;\".
Page 1-line 5 Delete \"effective dates\" and insert \"an effective date\".
Page 2-line 20 Delete entirely and renumber as necessary.
Page 3-lines 1 through 10 Delete entirely.
Page 3-lines 12 through 20 Delete entirely and insert:
\"Section 2. This act is effective January 1, 2026.\". Larsen, L
SF0096H3004/FAILED (TO ENGROSSED COPY)
Page 1-line 14 After \"article\" insert \"only if the price of gold, measured in United States dollars per ounce, is equal to or less than the average price of gold in 2019 and\". Yin
2/19/2025 H 3rd Reading:Passed 44-17-1-0-0
ROLL CALL
Ayes: Representative(s) Allemand, Andrew, Angelos, Banks, Bear, Brady, Bratten, Brown, G, Campbell, K, Clouston, Eklund, Erickson, Filer, Geringer, Guggenmos, Haroldson, Heiner, Hoeft, Johnson, Kelly, Knapp, Larson, Lawley, Lien, Locke, Lucas, Mccann, Neiman, Ottman, Pendergraft, Rodriguez-Williams, Schmid, Singh, Smith, Strock, Styvar, Tarver, Thayer, Wasserburger, Webb, Webber, Wharff, Williams, Winter
Nays: Representative(s) Brown, L, Byron, Campbell, E, Chestek, Connolly, Davis, Harshman, Jarvis, Larsen, Nicholas, Posey, Provenza, Sherwood, Storer, Washut, Wylie, Yin
Excused: Representative Riggins
Ayes 44 Nays 17 Excused 1 Absent 0 Conflicts 0
2/19/2025 S Received for Concurrence
2/19/2025 S Concur:Passed 23-8-0-0-0
ROLL CALL
Ayes: Senator(s) Anderson, Biteman, Boner, Brennan, Dockstader, French, Gierau, Hicks, Hutchings, Ide, Jones, Kolb, Landen, Laursen, Mckeown, Nethercott, Olsen, Pearson, Salazar, Schuler, Scott, Smith, Steinmetz
Nays: Senator(s) Barlow, Case, Cooper, Crago, Crum, Driskill, Pappas, Rothfuss
Ayes 23 Nays 8 Excused 0 Absent 0 Conflicts 0
2/19/2025 Assigned Number SEA No. 0013
2/19/2025 S President Signed SEA No. 0013
2/20/2025 H Speaker Signed SEA No. 0013
2/24/2025 Became Law without Signature
2/24/2025 Assigned Chapter Number 42
Chapter No. 42 Session Laws of Wyoming 2025
Bill No.: SF0096 Effective: 1/1/2026
LSO No.: 25LSO-0313
Enrolled Act No.: SEA No. 0013
Chapter No.: 42
Prime Sponsor: Ide
Catch Title: Wyoming Gold Act.
Has Report: Yes
Subject: Wyoming Legal Tender Act.
Summary/Major Elements:
Comments:
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill. |