SF0096, titled the Wyoming Gold Act, amends state law to direct the state treasurer to hold at least $10 million in specie and specie legal tender within the permanent Wyoming mineral trust fund. The stated purpose is to diversify the state’s investment portfolio, preserve capital, and protect against inflation, debt defaults, and other risks. The treasurer is also authorized to invest, if market conditions warrant, in precious metal leases or bonds payable in precious metals, and may hire outside consultants and industry experts to assist with these duties, subject to disclosure requirements.
The bill also requires the Department of Revenue to study how Wyoming could begin accepting gold and silver as a payment medium. The department must report its findings and any recommended legislation to the Joint Revenue Interim Committee and the Select Committee on Capital Financing and Investments by October 1, 2025. Section 1 takes effect January 1, 2026, while the remainder of the act becomes effective under the general constitutional process for enacted bills.
Impact
The bill creates a new statutory section in Title 9 governing the state treasurer’s duties and investment authority, specifically tying a minimum precious-metals holding to the permanent Wyoming mineral trust fund. It expands the treasurer’s discretion to use precious metals-related instruments and to contract with consultants, and it adds a new study mandate for the Department of Revenue on gold and silver as a payment medium. The practical effect is to move Wyoming’s treasury policy toward a formal precious-metals allocation and to initiate legislative review of whether precious metals could be used more broadly in state transactions.
Sentiment
The bill appears to have received generally favorable support overall, as reflected by passage in both chambers and concurrence after amendment. It cleared the Senate Revenue Committee and the House Appropriations Committee, and it ultimately passed the Senate and House with comfortable margins. At the same time, the votes show that the measure was not unanimous and that some lawmakers remained skeptical of the policy direction.
Contention
The main points of contention likely centered on the wisdom and practicality of requiring the state to hold specie and invest in precious metals, as well as the broader question of whether gold and silver should be treated as a payment medium in state operations. The failed House amendment suggests there was disagreement over how the bill should be structured or limited, even among supporters. Opposition in floor votes indicates concern about treasury management, market risk, administrative complexity, or the policy implications of elevating precious metals in state finance.