SENATE CONCURRENT RESOLUTION 32

[Originating in the Committee on Banking and Insurance; Reported February 20, 2024]

Requesting the Joint Committee on Government and Finance study the potential establishment of a state depository for bullion and specie and the creation of transactional currency based on gold and silver.

Whereas, The Senate Banking and Insurance Committee reviewed Senate Bill 749, West Virginia Legal Tender Act, on February 19, 2024, and heard from experts as to the benefits and constitutionality of establishing a depository for precious metals and transactional currency based on gold or silver bullion or specie; and

Whereas, Such a depository and transactional currency may alleviate concerns about the long-term value of the United States dollar because gold and silver may be more inflation proof than fiat currency; and

Whereas, Senate Bill 749 included a fiscal note submitted by the West Virginia Treasurer, but such fiscal impact may be drastically lowered through the use of existing facilities and technologies, as well as generate income through the imposition of fees; therefore, be it

Resolved by the Legislature of West Virginia:

That the Joint Committee on Government and Finance is hereby requested to study the potential establishment of a state depository for bullion and specie and the creation of transactional currency based on gold and silver; and, be it

Further resolved, That the Joint Committee on Government and Finance shall report its findings, conclusions, and recommendations along with drafts of any legislation necessary to effectuate its recommendations during the Regular Session of the Legislature in 2025; and be it

Further resolved, That the expenses necessary to conduct this study, prepare a report, and draft necessary legislation will be paid from legislative appropriations of the Joint Committee on Government and Finance.