Senate committee hears bill mandating gold, silver investments by North Dakota treasurer
Rep. Daniel Johnston, R-Kathryn, holds up a $20 gold certificate and a gold coin during a committee hearing on March 10, 2025. (Michael Achterling/North Dakota Monitor)
The North Dakota Legislature is considering investing 1% of the state's treasury in gold and silver, something other states and nations have done to ensure financial stability.
Bill sponsor Rep. Daniel Johnston, R-Kathryn, told a legislative committee Monday that an investment that remains independent in value from the dollar would be beneficial in times of inflation or other financial pressures.
'Even in a good year, our dollar is losing 2% to 3% of its value,' Johnston told the Senate Industry and Business Committee.
More 2025 legislative session coverage
His proposal, House Bill 1183, would require 1% of the state general fund and other funds managed by the state treasurer to be invested in gold or silver bullion or coins starting July 2027. A fiscal note estimates that to be about $40 million for 2027-29.
The bill only relates to funds managed by the state treasurer, not the Legacy Fund, Common Schools Trust Fund or other state funds managed by boards.
The bill also requires the treasurer to study the benefits of investing in gold and silver, with a report due by June 2026. The cost of the study is estimated at $50,000.
The bill passed the House last month on a 54-35 vote after initially failing by one vote.
Johnson said members of the BRICS nations, an informal association including Brazil, Russia, India, China and South Africa, among others, are moving away from using the U.S. dollar as foundational currency in favor of gold as the U.S. continues to accrue more debt.
'American consumer debt has never been higher,' Johnston said. 'Nations around the world see this and are preparing themselves for the day that the dollar is no longer the reserve currency of the world.'
In an interview with the North Dakota Monitor, State Treasurer Thomas Beadle said his office wants to remain neutral in discussions about the bill. He said other states with similar statutes use precious metals with their 'rainy day' funds and not their general funds because they need funds to remain accessible on short notice.
'I'm always hesitant anytime we do a specific asset allocation within Century Code, but I do think gold has been a strong investment for a number of years and I think it has a very rosy outlook into the future,' Beadle said.
The bill would require the treasurer to develop policies and procedures for managing the state's precious metals stockpile and hold the gold or silver in a secure facility.
The state-owned Bank of North Dakota also is neutral on the bill but officials have pointed out it would add costs for renovations and additional security if the bank were to store precious metals.
'I think there's quite a bit of thought out there that the bank could do that with a vault in the basement,' Bank of North Dakota President Don Morgan told the Industrial Commission last month. 'There's lots of logistics and security and insurance to consider.'
Kelvin Hullet, chief business development officer for the Bank of North Dakota, told lawmakers on Monday his team has taken preliminary steps to see if holding gold in the vault is feasible.
'It would probably take a couple million dollars in renovations to bring that up to speed to be able to store gold and silver,' Hullet said. He estimated that a $100 million in precious metals investment would require about $400,000 to $600,000 in annual operating costs.
The bill gives the state treasurer the ability to use a third-party contractor to assist with precious metals services, if needed.
Jp Cortez, executive director of the Sound Money Defense League, testified in favor of the bill. He told lawmakers Texas and Ohio already invest in gold and other states including Wyoming and Utah are adopting similar legislation.
The committee did not take immediate action after the hearing.
A similar bill, House Bill 1184, sponsored by Rep. Nathan Toman, R-Mandan, would have allowed up to 10% of the funds managed by the State Investment Board and the Board of University and School Lands to be used on precious metals or digital currency. That bill failed in the House on a 57-32 vote in January. Those boards already have that authority.
SUPPORT: YOU MAKE OUR WORK POSSIBLE
SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hamilton Spectator
31 minutes ago
- Hamilton Spectator
Alberta resumes buying U.S. alcohol, months after pause meant to fight tariffs
EDMONTON - Alberta is buying American alcohol and gambling machines again, three months after Premier Danielle Smith announced restrictions aimed at fighting back against U.S. tariffs. Service Alberta Minister Dale Nally said Friday that the move signals a 'renewed commitment to open and fair trade' with the United States. Smith said in March that the province would no longer buy U.S. alcohol and video lottery terminals, or sign contracts with American companies. Alberta's liquor stores are privately owned but must order stock through the provincial government. That came a day after U.S. President Donald Trump slapped heavy tariffs on Canadian goods and energy. Other premiers also announced bans on U.S. liquor along with other proposed penalties. Nally said in a statement that the decision to resume buying U.S. alcohol and gambling machines 'sets the stage for more constructive negotiations' ahead of a renewal of the Canada-U.S.-Mexico trade agreement. The agreement, known as CUSMA, was negotiated during the first Trump administration and is up for a mandatory review in 2026. 'Prime Minister Mark Carney has made a clear effort to reset the relationship with the U.S. administration, and Alberta's government supports this approach,' Nally said. 'We are focused on highlighting Alberta's role as a responsible and collaborative trading partner and will continue working alongside other provinces to advocate for a tariff-free relationship.' The minister said Albertans are encouraged to continue supporting local producers, even as more U.S. options return to store shelves. In April, the province paused its policy around procurement from U.S. companies in what Nally called 'the spirit of diplomacy.' This report by The Canadian Press was first published June 6, 2025. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Yahoo
41 minutes ago
- Yahoo
Impressive five-bedroom Edwardian home in Cheam listed for £1.25million
An impressive five-bedroom Edwardian semi-detached home located in Cheam's Landseer Conservation Area has been listed for offers over £1.25 million. The property, situated on Derby Road in Sutton, is described as a 'character residence' by estate agents Watson Homes, and offers over 2,000 sq ft of space. The period property, which dates back to the Edwardian era, is said to have a range of original features. These include a cast iron fireplace, stained leaded light windows, and a feature staircase. Original features include cast iron fireplace, stained glass, and staircase (Image: Watson Homes - Cheam Village) The home has two reception rooms, one of which is an extended dining room that leads into a conservatory. The kitchen is fitted with wooden wall units, a movable island, and an American-style fridge/freezer, alongside integrated "AEG" oven/grill and "Bosch" dishwasher. Spacious kitchen with island and conservatory opens to 90ft garden (Image: Watson Homes - Cheam Village) The house also has a utility area and a downstairs shower room. The five bedrooms are spread across the upper floors, with the fifth being a bright and airy room that offers flexible living space. Flexible fifth bedroom and insulated cabin ideal for home working (Image: Watson Homes - Cheam Village) The property's bathroom is fitted with a luxury suite, including a freestanding bath tub with chrome mixer tap and shower attachment. Bathroom features luxury suite with freestanding bath and chrome fixtures (Image: Watson Homes - Cheam Village) The house has off-street parking, an electric vehicle charger point, and a pretty topiary hedge and decorative footpath. The rear garden, which is approximately 90ft long, is described as a 'lovely' space with a decorative patio area, sandstone paved footpath, well stocked flowerbeds, fruit trees, and an abundance of plants. The garden also features a detached cabin with an insulated ceiling and floor, power supply, and double glazed windows. Rear garden boasts cabin, fruit trees, and sandstone patio retreat (Image: Watson Homes - Cheam Village) The property is within walking distance of Cheam train station and West Sutton, providing good transport links into Victoria, London Bridge, Wimbledon, and St Pancras. The area is also well-served by bus routes, making it a convenient location for school children and commuters. Cheam Village, with its quaint coffee shops, is also nearby, while Sutton offers larger department stores, banking, and eateries. The area is noted for its high standard of local schools, including Homefield, St Dunstan's, Sutton High, Sutton Grammar, Nonsuch, and The Avenue. The home is listed as a freehold property with an EPC Rating of D. Anyone interested in viewing the property can contact Watson Homes.
Yahoo
an hour ago
- Yahoo
Is a $5,000 DOGE stimulus check a real thing? What we know
In February, President Donald Trump said he was considering a plan to pay out $5,000 stimulus checks to American taxpayers from the savings identified by billionaire Elon Musk's Department of Government Efficiency (DOGE). Are they happening? No official plan or schedule for such a payout has been released, and a decision on the checks would have to come from Congress, which has so far been cool to the idea. And there have been questions as to how much DOGE has actually saved. The idea was floated by Azoria investment firm CEO James Fishback, who suggested on Musk's social media platform X that Trump and Musk should "should announce a 'DOGE Dividend'" from the money saved from reductions in government waste and workforce since it was American taxpayer money in the first place. He even submitted a proposal for how it would work, with a timeline for after the expiration of DOGE in July 2026. "At $2 trillion in DOGE savings and 78 million tax-paying households, this is a $5,000 refund per household, with the remaining used to pay down the national debt," he said in a separate post. Musk replied, "Will check with the President." "We're considering giving 20% of the DOGE savings to American citizens and 20% to paying down the debt," Trump said in a during the Saudi-sponsored FII PRIORITY Summit in Miami Beach the same month. DOGE has dismantled entire federal agencies, wiped out government contracts and led the firings of tens of thousands of federal workers, leaving many agencies struggling to continue operations. DOGE checks? Elon Musk dodges DOGE stimulus check question during Wisconsin rally: Here's what he said. Fishbeck suggested that the potential refund go only to households that are net-income taxpayers, or households that pay more in taxes than they get back. The Pew Research Center said that most Americans with an adjusted gross income of under $40,000 effectively pay no federal income tax. They would not be eligible. If DOGE achieves Musk's initial goal of stripping $2 trillion from U.S. government spending by 2026, Fishback's plan was for $5,000 per household, or 20% of the savings divided by the number of eligible households. If DOGE doesn't hit the goal, Fishback said the amount should be adjusted accordingly. 'So again, if the savings are only $1 trillion, which I think is awfully low, the check goes from $5,000 to $2,500,' Fishback said during a podcast appearance. 'If the savings are only $500 billion, which, again, is really, really low, then the [checks] are only $1,250.' However, while Musk talked about saving $2 trillion in federal spending during Trump's campaign, he lowered the goal to $1 trillion after Trump assumed office and said in March he was on pace to hit that goal by the end of May. At a Cabinet meeting in April, Musk lowered the projected savings further to $150 billion in fiscal year 2026. Musk left the White House at the end of May when his designation as a "special government employee" ended. DOGE, the advisory group he created, is expected to continue without him. That depends on who you ask. On its website, DOGE claims to have saved an estimated $175 billion as of May 30, "a combination of asset sales, contract and lease cancellations and renegotiations, fraud and improper payment deletions, grant cancellations, interest savings, programmatic changes, regulatory savings, and workforce reductions." The site says that works out to $1,086.96 saved per taxpayer. However, many of DOGE's claims have been exaggerated and several of the initiatives to slash agency workforces have been challenged in court. DOGE has been accused of taking credit for contracts that were canceled before DOGE was created, failing to factor in funds the government is required to pay even if a contract is canceled, and tallying every contract by the most that could possibly be spent on it even when nothing near that amount had been obligated. The website list has been changed as the media pointed out errors, such as a claim that an $8 million savings was actually $8 billion. On May 30, CNN reported that one of its reporters found that less than half the $175 billion figure was backed up with even basic documentation, making verification difficult if not impossible. Some of the changes may also end up costing taxpayers more, such as proposed slashes to the Internal Revenue Service that experts say would mean less tax revenue generated, resulting in a net cost of about $6.8 billion. Over the next 10 years, if IRS staffing stays low, the cumulative cost in uncollected taxes would hit $159 billion, according to the nonpartisan Budget Lab at Yale University. The per-taxpayer claim on the website is also inflated, CNN said, as it's based on '161 million individual federal taxpayers' and doesn't seem to include married people filing jointly. This article originally appeared on Florida Times-Union: DOGE dividends: Will American taxpayers get a $5,000 check?
