HF 2311: Relating to the use of specie as legal tender

What it does

This bill provides that specie, defined in the bill, is legal tender in this state and that a person is not required to accept specie as payment. The bill requires the treasurer of state (treasurer) to establish or contract with one or more bullion depositories for the secure storage of bullion, authorize one or more electronic payment systems to facilitate transactions, and adopt rules to implement the bill. Each bullion depository approved by the treasurer must have a contractual relationship with each electronic payment system that is authorized by the treasurer and must insure each deposit under an insurance policy for the full replacement of the deposit.

House subcommittee · named February 11, 2026

• Rep. David L. Blom (R) · david.blom@legis.iowa.gov
• Rep. Jacob Bossman (R) · jacob.bossman@legis.iowa.gov
• Rep. Adam Zabner (D) · adam.zabner@legis.iowa.gov

Lobbying · 1 for, 1 against

For: State Shield Action

Against: Sound Money Defense League

In plain words

1. February 6, 2026Filed in the House and sent to the Commerce committee
2. February 11, 2026House subcommittee named: Blom, Bossman and Zabner
3. February 17, 2026Subcommittee recommended passing it
4. February 18, 2026Approved by the House committee
5. February 18, 2026Committee vote: 15–8
6. February 24, 2026Approved by the House committee, and given a new number: HF 2723