House Bills 1049 and 1056, introduced by Representative Mark Dorazio in the 89th Texas Legislature,...
Oklahoma House Unanimously Passes Constitutional Currency Bills Through Committee
Oklahoma lawmakers are advancing two bills, HB1199 and HB1197, introduced by Rep. Cody Maynard and Sen. David Bullard, to expand the recognition and use of gold and silver as legal tender in the state.
- HB1199 amends existing statutes to define legal tender as a recognized medium of exchange for debts and taxes, including gold and silver specie (coins or bullion).
- The bill exempts transactions involving specie from tax liabilities and states that individuals cannot be compelled to accept or tender specie unless specified by contract or law.
- The Attorney General's office is tasked with enforcing these provisions, and Oklahoma courts must uphold contracts specifying specie payments.
- HB1197 proposes a state-approved depository system that allows residents to make everyday purchases with gold and silver, effectively creating a gold- and silver-backed transactional currency.
- Both bills recently passed the House Banking Financial Services and Pension Committee with unanimous support.
- If enacted, HB1199 would take effect on November 1, 2025.
These bills mark a significant step toward increasing the role of gold and silver in Oklahoma’s economy, potentially insulating the state from federal monetary policies.
Read HB 1199
