03-05-2025
Louisiana may soon recognize silver, gold as currency, according to proposed legislation
Louisiana may soon recognize silver, gold as currency, according to proposed legislation
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Louisiana House Bill 386 proposes making gold and silver official currency in the state.
The bill defines key terms related to precious metals and currency and outlines the Louisiana State Treasurer's role in implementing the law.
The bill stipulates that gold and silver currency cannot be used for loans or investments and remain the depositor's property.
The bill aims to be cost-neutral to the state's general fund.
A proposed bill before the Louisiana Legislature aims to establish gold and silver as currency in the state.
Bossier City Republican Representative Raymond Crews' House Bill 386 designates gold and silver as official currency.
Here's what you should know.
Proposed bill establishes gold, silver as currency
HB 386 defines "bullion," "bullion depository," "currency," "deposit," "depositor," "depository account," "depository account holder," "pooled depository account," "precious metal," "specie" and "treasurer."
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According to the proposed law, the Louisiana State Treasurer is authorized to adopt rules in accordance with the Administrative Procedure Act as necessary or convenient to implement the use of gold and silver as currency. It also specified that the treasurer will not authorize or implement any rules or assume any duties beyond those roles and duties necessary to make gold and silver a means of currency in the state.
The treasurer may issue and establish gold and silver specie as currency and choose to contract with a bullion depository of another state or a private vendor with the state.
The proposed law stipulates that currency, bullion or specie cannot be used for loan or investment funding, and all currency established under the proposed law remains the depositor's property. The depository is also barred from withholding a depositor's currency or enforcing a waiting period for currency withdrawal.
Money received pursuant to the proposed law, specie or bullion purchased and deposited in the pooled depository account, and money received from the sale of specie or bullion are not subject to legislative appropriation under certain circumstances.
It also permits the treasurer to establish a fee for the issuance or redemption of the currency to cover the costs of administering the proposed law. HB 386 also stipulates that the state cannot incur additional costs to the state general fund to administer the provisions of the proposed law.
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