PHOENIX, Ariz. (Jan. 22, 2018) – An Arizona bill that would take another step toward establishing gold and silver as money passed its first committee hurdle last week. Passage into law would help undermine the Federal Reserve’s monopoly on money.
Rep. Mark Finchem (R-Tucson) introduced House Bill 2013 (HB2013) on Jan. 9. The legislation would recognize silver and gold as liquid capital for trust companies. Practically speaking, the bill does two things.
- Modifies the definition of “liquid capital” to include legal tender for trust company certification. (Sec. 1)
- Defines legal tender as a medium of exchange, including specie, that is authorized by the U.S. Constitution or Congress for the payments of debts, public charges, taxes and dues. (Sec. 1) Specie is defined as coins having precious metal content.
Trust businesses act as “fiduciaries.” A fiduciary is a person who holds a legal or ethical relationship of trust. Typically, a fiduciary handles money or other assets for another party. A trust company in Arizona must hold specific levels of capital reserves in order to operate, including a certain amount of liquid capital.
Under current law, liquid capital is defined as capital in the form of certificates of …
Read more at The Tenth Amendment Center
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