Senate Engrossed

gold; silver; currency; study committee

State of Arizona

Senate

Fifty-sixth Legislature

Second Regular Session

2024

SENATE BILL 1639

An Act

establishing the gold and silver currency study committee.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Gold and silver currency study committee; membership; duties; report; delayed repeal

A. The gold and silver currency study committee is established consisting of the following members:

1. The state treasurer or the state treasurer's designee.

2. The director of the department of insurance and financial institutions or the director's designee.

3. Three employees of the department of insurance and financial institutions who are appointed by the director of the department of financial institutions and who meet the following criteria:

(a) One member who has knowledge in gold and silver banking regulation.

(b) One member who has experience and knowledge in money transmission.

4. One member who is a certified public accountant or has experience or knowledge in the area of accounting.

5. Two members with the following backgrounds, who are appointed by the president of the senate, one of whom the president of the senate shall designate as cochairperson, and who are from different political parties:

(a) One member with law enforcement experience or knowledge in the area of financial fraud.

(b) One member who is a registered dealer or salesman of securities with experience or knowledge in the areas of gold or silver.

6. Two members with the following backgrounds, who are appointed by the speaker of the house of representatives, one of whom the speaker of the house of representatives shall designate as cochairperson, and who are from different political parties:

(a) One member with law enforcement experience or knowledge in the area of financial fraud.

(b) One member who is a registered dealer or salesman of securities with experience or knowledge in the areas of gold or silver.

B. Members of the study committee are not eligible to receive compensation.

C. The study committee shall study the following areas:

1. Gold and silver currency.

2. Whether this state should invest state resources in gold and silver.

3. Prudent investment practices for this state related to gold and silver.

4. Fiduciary management of gold and silver in an investment portfolio.

D. On or before November 1, 2024, the study committee shall submit a report regarding the study committee's activities, findings and recommendations to the governor, the president of the senate and the speaker of the house of representatives and provide a copy of this report to the secretary of state.

E. This section is repealed from and after September 30, 2025.