Bill Summary for H 721 (2023-2024)

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Summary date: 

Apr 19 2023

Bill Information:

View NCGA Bill Details2023-2024 Session
House Bill 721 (Public) Filed Tuesday, April 18, 2023
AN ACT TO STUDY THE HOLDING OF BULLION AND VIRTUAL CURRENCY AND THEIR POTENTIAL BENEFITS AND WHETHER TO ESTABLISH A NORTH CAROLINA BULLION DEPOSITORY FOR SUCH ASSETS.
Intro. by Brody, Warren, Loftis, N. Jackson.

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Bill summary

Directs the Department of State Treasurer (Department) to study the costs and benefits that would result from a State-administered and State-audited vaulting bullion depository. Provides that the depository would be the custodian, guardian, and administrator of certain bullion and specie to be transferred to or otherwise acquired by the State or any entity or instrumentality thereof, as well as provide a repository for investors to use for precious metal assets. Directs the Department to report to the specified NCGA committee by January 1, 2025. 

Appropriates $2 billion from the Savings Reserve to the Department for 2023-24. Directs the Treasurer to acquire the appropriated money for the acquisition of gold bullion to be stored with the Texas Bullion Depository. Requires the Treasurer to continue to store the gold bullion pursuant to the act until the earlier of the establishment of a bullion depository in the State or when conversion back to currency is needed in order to meet State budgetary requirements, whereby the Treasurer is required to complete the conversion and deposit the amount into the General Fund. Effective July 1, 2023.