HB348 allows the Utah state treasurer to invest up to 10% of funds in specific budget reserve accounts in precious metals, exempting these investments from certain state money management rules.
The Utah State House of Representatives passed HB348 on February 22, 2024 by a vote of 52 to 18. We have assigned pluses to the ayes because this bill takes a significant step toward restoring sound money principles and aligning with the U.S. Constitution’s monetary standards. Article I, Section 10, states, “No State shall … make any Thing but gold and silver Coin a Tender in Payment of Debts.” By allowing the state treasurer to invest up to 10% of reserve funds in precious metals, HB348 helps protect the state’s financial freedom and return to a stricter constitutional practices.