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IPFS News Link • Gold and Silver

Idaho Governor Opposes Gold & Silver, Vetoes Bill to Enable Protective Holdings

•, By Jp Cortez

Senate Bill 1314 – sponsored by Sen. Phil Hart and Rep. Barbara Ehardt – passed overwhelmingly in the Idaho State Senate before being approved by the House in late March, only to be vetoed by Gov. Little.

The House and Senate have the right to override the veto this week.

Backed by the Sound Money Defense League and thousands of grassroots Idaho activists and taxpayers – along with the Gem State's mining industry – the measure would have allowed the Treasurer to acquire gold and silver for certain state reserve funds, helping to hedge against the risks of inflation, debt default, and financial turmoil.

Despite gold and silver's significant present and historical value to Idaho, along with its mining industries, Governor Little's veto prevents the state from purchasing or holding gold and silver. This action leaves Idaho's state funds vulnerable, exposing billions to potential losses as the real value of the state's unhedged debt investments declines.

Sen. Hart said, "Idaho is known as the Gem State and was first settled by miners. Historically, a reliance on gold and silver is part of our state's DNA," after receiving Gov. Little's first veto of the year.

By contrast, Utah and many other states – and both Republican and Democrat governors – have been embracing sound money, recognizing the growing problems of inflation and financial stability.