In a bid to enhance currency competition and challenge the Federal Reserve’s monopoly on money, bills have been introduced in the Florida House and Senate. Representatives Doug Bankson and Chip LaMarca filed House Bill 697 (H697) on December 4, while Senator Ana Rodriguez introduced a companion bill, Senate Bill 750 (S750), on December 6. The proposed legislation aims to recognize “specie legal tender” as money within the state, marking a significant move toward empowering Floridians in the realm of sound money.
Specie legal tender, as defined in the bills, encompasses “specie coin issued by the Federal Government at any time” and any other specie designated by the Chief Financial Officer (CFO) as legal tender, in accordance with the monetary authority not prohibited in Section 10, Article I of the United States Constitution. Under the proposed law, specie legal tender could be acknowledged for settling private debts, taxes, and fees imposed by the state or local government.
One key provision in the legislation grants the CFO the authority to designate additional specie as legal tender. This move could liberate Florida from potential constraints tied to the use of only U.S.-minted gold and silver coins, providing flexibility and autonomy to the state’s monetary landscape.
The bills also pave the way for online and electronic transactions involving gold and silver. Electronic currency is defined as “a representation of actual gold and silver, specie, and bullion held in a depository account, which may be transferred by electronic instruction.” In practical terms, this allows Floridians to use gold or silver in both physical and electronic forms as money, putting these precious metals on par with Federal Reserve notes.
If enacted into law, Florida would join a select group of states recognizing gold and silver as legal tender. Utah led the way in 2011, where the legal tender law facilitated the development of a gold and silver market. The Utah Specie Legal Tender Act also spawned the creation of Goldbacks, a local, voluntary medium of exchange, representing dollar-denominated notes made from physical gold. This forward-thinking legislation reflects a broader trend among states seeking to diversify their monetary options and promote a more robust and decentralized financial ecosystem.
Why the National Debt Is the Looming Threat to Your Retirement Plans
The Hidden Crisis No One Is Talking About
Every day, headlines warn about inflation, market volatility, and global instability—but the greatest looming threat to your retirement might be something far more fundamental: America’s skyrocketing national debt.
You can learn more about how the national debt affects you by reading this 3-minute report titled, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now“.
With debt growing faster than most Americans can possibly fathom, the government’s borrowing habits have reached historic—and dangerous—levels. To cover spending, Washington is making moves with their budget packages, tariffs, and taxes. Is it enough? No. It’s not even close to what would be necessary to stop out-of-control debt, let alone reverse it.
How Debt Erodes Your Nest Egg
There are only so many levers government and the Federal Reserve can pull to try to protect Americans, assuming that’s even a top priority for them. Unfortunately, pulling one level to relive one pressure invariably adds pressure from another direction. This is why prices keep going up even as inflation reportedly slows.
For retirees and pre-retirees, that’s a perfect storm. The dollars you’ve worked hard to save lose value, and your cost of living increases while your investments lag behind.
If you’re relying solely on paper-based assets—stocks, bonds, or mutual funds—you’re essentially tied to the same system that’s creating the problem. It’s a system that was designed to work well in the 20th century, not in today’s world with people living longer and the dollar rapidly losing value.
This is why the 3-minute report, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now,” is so important.
The Precious Metals Hedge
Thousands of Americans are looking for a tangible, time-tested hedge: physical gold and silver.
Unlike paper assets, precious metals aren’t dependent on government policy or the stock market’s mood swings. They’re real, finite resources that have maintained value for thousands of years through wars, recessions, and inflationary periods.
In fact, during times of high inflation and fiscal instability, gold often performs its best—because it’s seen as a store of value when faith in the dollar weakens. This is why prices have skyrocketed this year and are expected by many economists to continue going up in the future.
Take Control with a Gold IRA
One of the most effective ways to protect your retirement from national debt fallout is through a self-directed Gold IRA. This IRS-approved account lets you hold physical gold and silver within your retirement portfolio, giving you:
- Direct ownership of your assets
- A hedge against inflation and dollar decline
- The control to diversify beyond Wall Street
Augusta Precious Metals specializes in helping Americans just like you take this step with confidence. The company has earned a strong reputation for transparency, education, and personalized service—making it one of the most trusted names in the industry.
The Next Step: Secure Your Financial Future
Augusta Precious Metals has helped thousands of Americans with at least $50,000 to invest from their IRAs, 401(K)s, TSPs, and other retirement accounts safeguard their savings through precious metals.
If you’re concerned about what the rising national debt could mean for your future, now is the time to act.
Read this 3-minute report titled, “Debt Will Hit $40T in 2026: Prepare Your Retirement Now“ and learn the simple steps you can take to protect your retirement.