On Feb. 1, the legislature for the state of Oklahoma issued a bill to create a new gold depository under the state’s Treasury Department in an attempt to facilitate the future use of gold and silver as legal tender. Under the title of Oklahoma Bullion Depository; establishing Depository in Office of State Treasurer; providing procedures, Oklahoma seeks to join Texas and Utah in having a sovereign metals depository for government and consumer use.
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 1 2016 – 25% progression
Action: 2016-02-02 – Referred to Appr/Sub-General Government and Transportation
Pending: Senate Appropriations General Government and Transportation Sub Committee
Hearing: Feb 17 @ 7:00 pm in Room 419-A & B
Text: Latest bill text (Introduced) [PDF]
Oklahoma Bullion Depository; establishing Depository in Office of State Treasurer; providing procedures. Effective date. – Legiscan
Last year, the state of Texas not only finalized their own bullion depository, but they repatriated over $1 billion in gold bullion from the Federal Reserve to keep in their own vaults. In addition, the state of Utah coordinated a joint venture with the United Precious Metals Association to allow citizens to store their money in accounts backed by gold and silver, and along with Louisiana and Oklahoma, recognize both metals as being legal tender for use in trade and commerce.
In 2014 Oklahoma made gold and silver legal tender under Bill 862, but lacked the facilities to make it mainstream. And if this new bullion depository comes online through legislative approval, there will now be three states that are fully equipped to go back to using gold and silver as money, and be ahead of the game should the world itself return to a gold or silver standard.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.