Senate Committee Passes Bullard Bills to Create Gold, Silver Depository

OKLAHOMA CITY – The Senate Retirement and Government Resources Committee on Tuesday passed legislation that would allow Oklahoma to establish a transactional gold and silver depository.

Sen. David Bullard advanced House Bill 1197, which would allow the state treasurer to establish a local, transactional depository whereby Oklahomans could spend their gold and silver like money through a debit card system.

The legislation would give the Treasurer’s Office flexibility in setting up the depository and creating rules for how it would work, Bullard said. The treasurer could also contract with a third-party vendor to establish the new system.

“Think about it this way: This bill creates a new avenue for Oklahomans to accumulate and spend their wealth,” Senator Bullard said. “By advancing House Bill 1197, Oklahoma is opening the door for gold and silver to function as everyday currency through a modern, transactional depository that will spur greater economic activity.”

The committee also passed Bullard’s House Bill 1199, which would officially recognize gold and silver as legal tender rather than mere commodities. HB 1199 also eliminates the capital gains tax on these precious metals.

“This legislation is long overdue and marks a significant step forward for this state,” Senator Bullard said, noting that many other states are exploring similar legislation. “It’s been one of the most fascinating bills I’ve had the opportunity to work on, and I believe it holds real promise to benefit Oklahomans in a big way."

HB 1197 and HB 1199 are now eligible to be heard in the Senate Appropriations Committee. Then, they will be eligible for a Senate floor vote.

Rep. Cody Maynard, R-Durant, is the primary author of both bills.

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For more information, contact: Sen. David Bullard at (405) 521-5586 or David.Bullard@oksenate.gov