Idaho Bills
3 bills · 2022 Regular Session
Amends existing law to provide that idle moneys may be invested in physical gold and silver in certain instances.
Byaddingphysicalgoldandsilverto67-1210,IdahoCode,theStateTreasurerispermittedtoholdsomeportion of state funds in physical gold and silver to help secure state assets against the risks of inflation and financial turmoil and/or to achieve capital gains as measured in Federal Reserve Notes. The new authority is confined to holding gold and silver directly and in a manner that does not assume the counterparty risks involved with other current state holdings, such as corporate bonds, treasury bills, and other debt instruments. This measure does not empower the State Treasurer to invest in paper instruments, futures contracts, or other gold and silver derivatives. The authority is confined to physical gold and silver, directly owned by the state and stored in a secure depository.
55 – 14
Relates to the appropriation to the Office of the State Treasurer for fiscal year 2023.
65 – 0
Amends and adds to existing law to revise provisions regarding duties of the treasurer and to provide that the investment board shall review certain investment vehicles.
ThisbillallowstheStateTreasurertoprovidefinancialeducationforthepurposeofincreasingfinancialliteracy and preparedness for retirement. It provides for a review of retirement savings vehicles and a portal to highlight options for individual retirement accounts for private sector employer informative purposes. In 2020 the Legislative Office of Performance Evaluation (OPE) published the report, “Preparedness of Idahoans to Retire: Deciding the State’s Role”. The report highlighted that there is a negative fiscal impact for the State of Idaho due to the lack of retirement preparedness. The report also emphasized that the majority of Idahoans are vastly unprepared financially for retirement and that most private-sector employees in Idaho do not offer a retirement plan at work.