CARSON CITY, Nev., July 2, 2018 /PRNewswire/ -- Assemblyman Jim Marchant announces the Nevada Gold and Silver Enabling Act. This legislation provides the state and its municipalities the framework to issue gold and silver bonds. These bonds will reduce the state's debt, shore up the pension fund, increase mining employment and profitability, and attract capital to Nevada. A paper describing the benefits of issuing gold bonds has been published by Monetary Metals.
"This non-partisan legislation does not force us to use gold and silver," said bill sponsor Jim Marchant, Assembly District 37. He added that, "it simply highlights this option for the state and municipal treasurers, who are empowered to decide for themselves."
"It makes sense to replace dollar-denominated debt with gold bonds, so the obligation is matched to the source of income," said Keith Weiner, an economist and CEO of Monetary Metals.
The bill also allows miners to pay tax in gold or silver. That tax is currently in the hundreds of millions of dollars, or several tons of gold. By paying directly in metal, mining companies can save money.
The Act builds on precedents set over the past several years by related legislation adopted in the states of Utah, Oklahoma, Texas, Arizona, and Wyoming. Under existing federal law, gold and silver coins issued by the US Mint are legal tender. Anyone has the right to tender them in payment of debt or taxes.
Assemblyman Jim Marchant
Assembly District 37
SOURCE Jim Marchant