Utah GOP lawmaker optimistic Legislature can override Gov's veto on paying vendors in gold, silver

Utah GOP state Rep. Ken Ivory is optimistic that Assembly members will agree to a post-legislative session in which they can override fellow Republican Gov. Spencer Cox's veto of a measure that would allow the state to pay vendors electronically in gold and silver.

Ivory said recently on the John Solomon Reports podcast the state House has already approved a veto override session and cited Article 1, Section 10 of the U.S. Constitution as a reason why he believes the bill is important.

The article and section say "no state shall make anything but gold and silver legal tender and payment of debt," Ivory said. "So we're just trying to follow that provision. And so I think if we get to the override session, we'll override this and move forward, because it just makes sense."

However, that tally appears unofficial. A local ABC-TV affiliate recently reported the House and Senate are each still polling their members.

Cox issued six vetoes, but the chambers are not required to poll on each one. They're required only to ask and learn whether two-thirds of members in each chamber agree on convening an override session. 

According to Utah’s Constitution, lawmakers have 60 days after the last day of the legislative session to reconvene for the override one. 

“We’ll see what happens. We’re in the process of continuing to have a dialogue with our members. We have until the end of month to do that,” House Speaker Mike Schultz said on a local politics show aired Sunday.

Ivory said on the podcast: "They're taking the poll in the Senate right now ... and if that comes back favorably, then have an override session and decide whether we want to give people the choice to have constitutional money and be paid in the money."

Cox vetoed the bill on March 27, nine days after it was passed by the Legislature, citing concerns about the competitive process for selecting a company to facilitate precious metals-backed transactions.

Ivory told Solomon that both chambers would work to ensure a competitive process for selecting a company if the bill becomes law.

"We expect and demand an open, competitive bid process so that we get the absolute best service provider and, John, get this, one of the departments conducting the open transparency, the RFP process, is the governor's own division of finance, so that's pretty funny," Ivory said. "They're the ones in charge of the open, competitive process. It's not going to be conflicted."

State Treasurer Marlo Oaks recently said Utah’s gold reserves have grown to $60 million.

The bicameral bill is sponsored in the state Senate by GOP Sen. Keith Grover. 

If the veto is overridden, the bill would also extend the state's Precious Metals Workgroup and Study, a program designed to examine the effects of precious metals on the state's economy.  The program was created in 2024 after Cox signed into law a different bill sponsored by Ivory. 

Read Utah state legislature bill HB 306