Concerned about the out-of-control Federal Reserve System and the increasingly unstable fiat dollar managed by the privately owned central bank, lawmakers in Arizona are following in Utah’s footsteps to come up with a potential alternative that protects citizens. Legislation to treat gold and silver as legal tender already sailed through the state Senate in late February, and last week, the Arizona House Financial Institutions Committee voted 4 to 2 to advance the bill as well. Activists are now working hard to keep it moving along.
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If the legislation (S.B. 1439) passes through the full state House of Representatives and is signed into law by Republican Gov. Jan Brewer, gold and silver coins would become legal tender within Arizona. That means, among other important changes, that the precious metals would be treated just like debt-based Federal Reserve notes for taxation and regulation purposes. However, unlike fiat dollars, nobody would be forced to accept gold or silver currency.