A bill for an act relating to the establishment of a transactional currency based on gold and silver held in a bullion depository approved by the treasurer of state, and providing fees.

This bill would create a state-issued currency backed 100% by physical gold and silver stored in approved depositories (like the Texas bullion depository or a state-controlled vault). Holders could use the currency for payments or redeem it for actual metal or U.S. dollars, with the Iowa treasurer managing the system and charging fees for transactions. It directly affects Iowa residents, businesses accepting the currency, and the treasurer’s office, which would oversee the depositories and redemption process. The policy establishes a new state-authorized payment method backed by physical assets, requiring the treasurer to maintain reserves matching all issued currency units.