Building on the success of last year's Wyoming Legal Tender Act, Representative Roy Edwards (R-Gillette) has introduced another sound money bill in Wyoming. Representatived Edwards has introduced HB 174, the Wyoming Sound Money Trust Act. Part of the measure reads:
(i) As determined on July 1 of each year, the state treasurer may hold an annual average of at least ten percent (10%) of the balance of the permanent Wyoming mineral trust fund created by W.S. 9‑4‑204(u)(iii) in specie, as defined in W.S. 9‑4‑1302(a)(ii). Specie held under this subsection shall be maintained securely in a depository for precious metals constructed with a UL‑rated class two vault door in this state or another storage arrangement in this state with equal or greater security construction standards. If no depository meeting the requirements of this subsection exists in this state, the state treasurer shall select a qualifying depository in a contiguous state. The state treasurer shall ensure that the specie held in a qualifying depository under this subsection is segregated from other assets. This paragraph may be cited as the "Wyoming Sound Money Trust Act".
The Wyoming Sound Money Trust Act is one of three bills expected to be introduced this session that insulates the state's assets with physical gold and silver. Introduced by Representative Mark Jennings (R-Sheridan), the Wyoming Sound Money Pension Act requires that the state hold 10% of its retirement funds in gold and silver. The Wyoming Sound Money Reserve Act, introduced by Representative Scott Clem (R-Campbell) requires that 10% of Wyoming's Legislative Budget Stabilization Fund be held in the metals.
Visit here for more information on Wyoming gold and silver laws and to see how Wyoming stacks up to the rest of the country on sound money issues.
Jp Cortez is the Executive Director for the Sound Money Defense League, a non-partisan, national public policy group working to restore sound money at the state and federal level, and lead author of the Sound Money Index.
