Show-Me State Times

The Missouri Chamber of Commerce and Industry has taken a firm stance against a proposed mandate that would expand the acceptable forms of payment for products and services in the state. The organization expressed its opposition during a recent hearing on the matter.

During the hearing, Phillip Arnzen, the director of legislative affairs for the Missouri Chamber, highlighted the organization's concerns. Arnzen acknowledged the bill's sponsor for considering business community concerns but emphasized that the requirement for private entities to accept gold and silver payments contradicts the Chamber's policy of allowing business owners to make their own operational decisions. Arnzen stated, "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."

Furthermore, the proposed legislation includes a provision that would shift the burden of verifying the weight and purity of gold and silver onto businesses. According to the bill text, "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." This requirement would impose additional time-consuming and costly responsibilities on businesses.

The bill also outlines a mandate for the state treasurer to hold a certain amount of gold and silver in the state treasury. Specifically, the legislation would require the state treasurer to maintain an amount of gold and silver equal to or greater than 1% of all state funds.

For more information on this issue, individuals can reach out to Phillip Arnzen by email at parnzen@mochamber.com or by phone at 573-654-3511.