The Oklahoma Senate Retirement and Government Resources Committee recently moved forward with legislation aimed at establishing a state-run transactional gold and silver depository. Senator David Bullard is at the helm of House Bill 1197, which allows for the creation of a depository where Oklahomans can easily and directly utilize their gold and silver as everyday money via a debit card system. The legislation will give the State Treasurer the required slack to set up the depository and develop its governing rules.
"This bill creates a new avenue for Oklahomans to accumulate and spend their wealth," Bullard said, according to the statement obtained by the Oklahoma State Senate website. The proposed depository is poised to foster economic activity by enabling gold and silver to function as legal currency within the state. In parallel, the committee also passed Bullard’s House Bill 1199, which seeks to recognize gold and silver as legal tender. This bill would, moreover, eliminate the capital gains tax on the metals.
House Bill 1199 echoes the sentiments of House Bill 1197, both of which now move on to the Senate Appropriations Committee. Following this, they will be eligible for a Senate floor vote. "It’s been one of the most fascinating bills I’ve had the opportunity to work on, and I believe it holds real promise to benefit Oklahomans in a big way," Bullard mentioned, as reported by the Oklahoma State Senate. Rep. Cody Maynard, R-Durant, serves as the primary author of the legislation. Notably, many other states are currently examining parallel endeavors, signaling a trend towards accepting precious metals in a more mainstream financial role.
