The hearing on SB 115 was opened by Chairperson Dietrich. Revisor Eileen Ma gave an overview of the bill. (Attachment 3)

Senator Michael Murphy spoke as a proponent of the bill.(Attachment 4) He stated that the bill would allow the state to create a depository for precious metals and in doing so would help hedge state funds against inflation.

Debby Ponton voiced support for the bill as a private citizen. (Attachment 5) She shared how inflation hurts vulnerable populations and that the bill provides a mechanism for protecting savings.

Bob Love stood as a proponent of the bill as a private citizen. (Attachment 6) He provided a philosophical argument for the need for a bullion depository to restore trust in monetary system.

Laurie Bolton of the Transactional Gold Project testified via WebEx in favor of the bill. (Attachment 7) She noted that gold preserves purchasing power of rainy day funds and cited Utah as an example.

Mike Carter of National Security Investment Consultants spoke in support for the bill. (Attachment 8) His testimony focused on how the global standards for banking regulations known as Basel, consider gold to be a "Tier 1" asset with 100% liquidity.

Michael O'Donnell on behalf of State Shield shared his support for the bill. (Attachment 9)

Proponents stood for questions from the Committee. 

JP Cortez of the Sound Money Defense League spoke as an opponent of the bill. (Attachment 10) He stated that while he does support gold reserves, the bill enables the state to become a vendor in the industry and potentially manipulate the market. 

Written only opponent testimony was also received from Kelly VanZwoll of the Kansas Bankers Association. (Attachment 11)

There was no further testimony. Chairperson Dietrich closed the hearing on SB 115.