(Cheyenne, Wyoming, USA – January 13th, 2023) – Several lawmakers in Wyoming have introduced yet another pro-sound money measure to be considered before the state legislature in 2023.
Freshman state senator and liberty firebrand Sen. Bob Ide from Casper has introduced Senate File 101. This popular effort is cosponsored by Senators Biteman, French, Hikes, Hutchings, D. Laursen, McKeown, and Steinmetz, as well as Reps. Allemand, Bear, Jennings, and Neiman.
Senate File 101 builds upon the Wyoming Legal Tender Act passed in 2018 by giving the state treasurer the ability to use and accept specie and specie legal tender for the payment of state and local taxes, subject to authentication procedures determined by the state treasurer. Also, citizens who are owed funds by the state can ask to receive payment in specie.
By creating the infrastructure required for Wyoming to collect taxes and make payments in gold and silver, citizens and the state government itself would have an alternative means of savings and payment at a time when the decline of the Federal Reserve Note appears to be accelerating.
SF 101 gives state treasurer the tools to deal in the monetary metals so the state is better prepared to protect itself from inflation and financial turmoil.
The State Treasurer is tasked with determining and maintaining real-time currency exchange rates between specie, specie legal tender, and other currencies, consistent with precious metals industry standards.
SF 101 would also permit the treasurer to hold a portion of state funds in physical gold and silver, and, if market conditions warrant, the treasurer could invest in precious metal leases or bonds payable in precious metals.
Lastly, SF 101 allows for the state treasurer to hire experts upon thorough vetting to assist the state treasurer’s office in its activities, including secure storage of precious metals, determining current market rates, etc.
Jp Cortez, policy director for the Sound Money Defense League said about the Wyoming measure, “Article I, Section 10 of the U.S. Constitution states that no state shall “make any Thing but gold and silver Coin a Tender in Payment of Debts.” Pursuant to this, states can create payment mechanisms for accepting and remitting taxes and other payments in gold and silver.”
“Passing SF 101 would ensure Wyoming is equipped to handle incoming financial instability and inflation brought on by federal monetary mismanagement,” continued Cortez.
Wyoming has been a sound money leader among the states since its passage of the Wyoming Legal Tender Act. This broad sweeping legislative effort has secured Wyoming a first place ranking in the Sound Money Index every year since 2018.
The Sound Money Defense League is working closely with lawmakers in Cheyenne to The next logical step is for the legislature to pass SF 101 to enable the state to hold and deal in constitutional sound money.