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SF 112

A bill for an act relating to the establishment of a transactional currency based on gold and silver held in a bullion depository approved by the treasurer of state, and providing fees.

2025-2026 Regular Session Introduced by Kevin Alons and 14 co-sponsors

SF 112 establishes a gold and silver-backed currency in Iowa, creating a bullion depository to enhance financial stability and offer inflation protection for depositors.

Subcommittee: Rozenboom, Celsi, and Schultz.
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Bill Summary · SF 112

Summary of SF 112: Establishment of a Transactional Currency Based on Gold and Silver

Bill Number: SF 112
Introduced On: January 23, 2025
Current Status: Subcommittee: Rozenboom, Celsi, and Schultz
Classification: Bill
Subject Areas: Administrative Rules, Depositories, Executive Branch, Fees, Financial Instruments, Gold, Metals, Money, Silver, Treasurer of State, Trusts and Trustees

Purpose and Intent

The primary purpose of SF 112 is to establish a transactional currency in the state of Iowa that is based on gold and silver. This currency would be backed by precious metals held in a state-approved bullion depository. The bill aims to provide an alternative form of currency that could potentially enhance financial stability and offer a hedge against inflation.

Key Provisions

  1. Definitions: The bill introduces several key definitions related to bullion and depositories:

    • Approved Bullion Depository: A facility located in Iowa or an equivalent facility in the U.S. (e.g., Texas bullion depository) that meets state regulations and safeguards.
    • Bullion: Precious metals (gold and silver) formed into uniform shapes and quantities suitable for transactions.
    • Depository Account: Rights and interests established for depositors in relation to their bullion deposits.
    • Pooled Depository Account: A specific type of account established under the bill for collective deposits.

  2. Establishment of a Bullion Depository: The bill mandates the creation of a secured physical vault for the reception, authentication, storage, and security of bullion.

  3. Regulatory Framework: The bill outlines the need for regulations and safeguards that must be adhered to by the approved bullion depositories.

  4. Fees: The bill includes provisions for establishing fees associated with the use of the bullion depository and the maintenance of depository accounts.

Affected Parties

  • State Government: The Treasurer of State will play a crucial role in approving and regulating the bullion depositories.
  • Depositors: Individuals or entities that wish to deposit gold and silver into the approved depositories will be directly affected, as they will need to comply with the regulations set forth in the bill.
  • Financial Institutions: Banks and other financial entities may need to adapt to the new transactional currency system and its implications for financial transactions.

Procedural Aspects

  • The bill was introduced and referred to the State Government committee on January 23, 2025.
  • A subcommittee has been formed to review the bill, consisting of members Rozenboom, Celsi, and Schultz, with the first meeting taking place on January 28, 2025.

Conclusion

SF 112 represents a significant shift in how currency could be structured in Iowa, moving towards a system backed by tangible assets like gold and silver. If enacted, it could impact various stakeholders, including the state government, financial institutions, and individual depositors, by providing a new framework for currency and financial transactions.

Compiled from official sources — confirm details with the bill’s official record.

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