Will You Be Able To Pay For Stuff With Gold And Silver In Iowa?

Is this new bill like Venmo but prettier?

The legislative sessions are continuing in Iowa and multiple new bills have been introduced so far this year. To review a few:

• Turn off the wind turbines: Will The Iowa Legislature Ban The Red Lights On Wind Turbines?
• Illinois can come join us: New Iowa Bill Would Absorb Illinois Counties
• You don't have to do the no-fault divorce thing: New Iowa Bill Allows Couples To Opt Out Of No-Fault Divorce
• Self-driving cars gotta chill: Iowa Bill Requires Self-Driving Cars To Have Human Drivers

Now, another bill that's been introduced would make gold and silver accepted, legal tender in the state of Iowa.

The bill, House File 2311, would make uniform bullions of gold and silver (called 'specie' in the bill) into legal and tax-free tender in the state of Iowa.

The state treasurer has to establish a 'bullion depository' to store bullion that it defines as refined pieces of silver or gold that are 99% pure. The bill would also have the treasurer put into place electronic payment systems to use the stored bullions and submit an annual report to lawmakers on the “economic impact of recognizing specie as legal tender".

Currently, Louisiana, Texas, and Utah recognize gold and silver as legal tender.

The Iowa bill is getting split reactions. Rep. David Blom (R, Marshalltown) said the specie system would not replace the current monetary system, instead just giving it a supplementary system. Meanwhile, on the other side of the aisle, Rep. Adam Zabner, (D, Iowa City) said it "sounds like socialism" to establish a bank that would "compete" with banks and credit unions we already have.

The committee voted to advance the bill 15-8.