Sen. Jerry Klein, R-Fessenden. (Michael Achterling/North Dakota Monitor)
(The North Dakota Senate voted down a bill that would have required the state treasurer to invest 1% of the state treasury in gold and silver bullion.
House Bill 1183, sponsored by Rep. Daniel Johnston, R-Kathryn, failed on a 34-13 vote.
Sen. Jerry Klein, R-Fessenden, said while the bill had good intentions, the state treasurer is “just handling the checkbook.”
He said the state’s general fund, and other funds controlled by the state treasurer, are the wrong funds to be used for investing.
“If you buy gold and silver, you buy it as an investment that you will hold in hopes of increasing in value,” Klein said. “You don’t convert that monthly so you can make your house payment, or your car payment, or everyday expenses. You need some liquidity.”
