Despite the fact that the legislation only allows for the state to invest funds in precious metals, but does not require it, the Maine Office of the State Treasurer lobbied against the bill in a hearing on April 26.
The post Maine Committee Holds Hearing on Bill to Authorize Investment of State Funds in Gold and Silver first appeared on Tenth Amendment Center.
The proposed law would authorize the Maine State Treasurer to invest state funds located in the Maine Budget Stabilization Fund under chapter 142 and any pension fund administered by the treasury in gold, silver, or other precious metals. In effect, holding gold and silver would help secure state assets against the risks of inflation and financial turmoil. It would also reinforce the importance of sound money in the state's financial system.
The post Maine Bill Would Authorize the Investment of State Funds in Gold and Silver first appeared on Tenth Amendment Center.