Wyoming State Representative Scott Clem (R-Campbell) has introduced a bill that protects the state's reserves by allocating a modest portion of the fund be held in gold and silver.
The Wyoming Sound Money Reserve Act (HB 190) requires that at least 10% of Wyoming’s Legislative Stabilization Reserve Account be allocated to physical gold and silver held in or near the state. The bill reads in part:
(i) As determined on July 1 of each year, the state treasurer shall hold an annual average of at least ten percent (10%) of the balance of the legislative stabilization reserve account created by W.S. 9‑4‑219 in specie, as defined in W.S. 9‑4‑1302(a)(ii). Specie held under this paragraph 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 paragraph 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 paragraphis segregated from other assets. This paragraph may be cited as the "Wyoming Sound Money Reserve Act".
The Wyoming Sound Money Reserve Act is one of three bills introduced this session that insulates the state's assets with physical gold and silver. Introduced by Representative Roy Edwards (R-Gillette), the Wyoming Sound Money Trust Act requires that the state hold 10% of its permanent mineral trust fund in gold and silver. The Wyoming Sound Money Pension Act, introduced by Representative Mark Jennings (R-Sheridan) requires that 10% of Wyoming's retirement funds in gold and silver.
Visit here 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.
