After more than three hours of debate, lawmakers on the House Commerce Committee rejected a bill that would have established gold and silver as currency in Louisiana.
The proposal was brought by Representative Raymond Crews, a Republican lawmaker from Bossier City. It would have allowed the state to create depositories for people who want to have debit cards backed by gold or silver.
Proponents of the bill argue there are several benefits….one of those, they say, is that gold is an inflation hedge, meaning its value isn’t typically affected by inflation. Although one lawmaker rejected that idea, citing several times in recent years when the value of gold has dropped.
State treasurer John Fleming supported the proposal. But bankers opposed it, saying it would take away money that’s normally deposited in banks.
Lawmakers ultimately voted 16 to 2 against the bill.
