‘Follow the yellow brick road’: Bill making gold and silver legal tender clears final legislative hurdle

Image via Grok.

The House and Senate can’t agree on a budget, but both are willing to consider a path to make precious metals part of the financial ecosphere.

In the end, though, the House had to accept the Senate language to get the concept on the road, which will be more gradual than House sponsors originally proposed.

HB 999, which was amended by the Senate and kicked back to the House for final consideration, “recognizes gold and silver coin as legal tender for payment of debts,” but also mandates “additional requirements regarding privately ensuring deposits’ security, record keeping, and maintaining separate ledger accounts for money services that effectuate transactions involving gold or silver coin.”

The final bill also requires the Chief Financial Officer and the Financial Services Commission to adopt rules implementing the bill and submit them to the Legislature by Nov. 1.

Republican Rep. Doug Bankson, the House sponsor, moved to concur. He said the amendment “strengthens the House bill” and provides a “longer runway for implementation,” while clarifying “purity” provisions and consumer protections.

“Follow the yellow brick road,” Bankson said. “And let’s light up the Emerald City up there in green. We have the ability to make Florida the gold standard in financial opportunity and freedom.”

Former CFO Jimmy Patronis commissioned a feasibility study before leaving office. But before he did, he noted the complexity of the proposal.

Gov. Ron DeSantis, meanwhile, says he is on board.