SB1351 Oklahoma State’s New Precious Metals Vault Proposal

Legislature rejects new bullion depository for Oklahoma

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What did SB1351 want to accomplish?

SB1351 wanted to set up a new organization called the Oklahoma Bullion Depository. It would have been managed by the State Treasurer's office and will handle precious metals like gold and silver coins.

Here’s what it proposed:

1. Establishes the Depository: It would have created the Oklahoma Bullion Depository and defined who would run it, including an administrator and a deputy administrator.
2. Handling Deposits: The depository would receive and manage precious metals but wouldn't mix these funds with general state money. Some money would have gone into the state’s General Revenue Fund.
3. Procedures and Rules: The bill outlined how deposits should be handled, including testing to make sure the metals are real and setting up procedures for account management.
4. Account Management: It would have allowed people to have accounts at the depository, which could include issuing debit cards and transferring accounts. There are rules for how these accounts would have been managed and what to do if there were disputes.
5. Regulations for Agents: People who handle transactions on behalf of the depository would need to be licensed and follow specific rules. The bill also set penalties for people who broke these rules.

Who would have benefited from the law?

✔️State Agencies and Entities: They can safely store and manage their precious metals with the new depository.

✔️Individuals and Businesses: Those who need to deal with precious metals will have a regulated place to manage their transactions.

✔️State Treasurer’s Office: They will have a new role in managing and overseeing the depository.

What are some concerns people might have about this law?

Some of these may be reasons why the bill failed to pass:

⚠️Increased Bureaucracy: Setting up and managing the depository might add more administrative work and costs.

⚠️Complex Rules: The rules and procedures could be complicated for people and businesses to understand and follow.

⚠️Potential Fees: There might be fees associated with storing or managing precious metals that could be a burden for some users.

This bill was introduced on 2/20/24 by Senator David Bullard [R], Representative Cody Maynard [R], Senator Mary Boren [D], Senator Warren Hamilton [R], Senator Shane Jett [R], and Senator Dusty Deevers [R].

Due to a lack of support, missed deadlines, committee action, leadership decisions or veto, this bill failed to pass and will not be signed into law.

➡️Is this something that you think Oklahomans need? How would it have benefited the county you live in?

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