The Missouri Chamber of Commerce and Industry testified this week in opposition to a new business mandate expanding the allowable forms of payment for products and services.
The House Financial Institutions Committee considered HB 2257 earlier this week.
The legislation would require gold and silver to be accepted as legal tender by businesses in Missouri. The bill also would require the state treasurer to keep in the custody of the state treasury an amount of gold and silver equal to or greater than 1% of all state funds.
Phillip Arnzen, director of legislative affairs for the Missouri Chamber, did acknowledge the bill’s sponsor for his willingness to address business community concerns. The requirement of private entities to accept gold and silver payments, however, “amounts to a new business mandate and is against the organization’s stated policy of letting business owners decide how to run their business.”
In addition, the bill states that “costs incurred in the course of verification of the weight and purity of any gold or silver during any such transaction shall be borne by the receiving entity.” The provision would require businesses to bear the time-consuming and costly burden of weight and purity verification.
For more information, contact Arnzen at parnzen@mochamber.com or call 573-654-3511.
