Arizona Governor Vetoes Bill to Make Gold, Silver Currency

Mineweb reported that late on Thursday, Arizona Governor Jan Brewer vetoed a bill that would have allowed Arizona to recognize gold and silver as legal tender.

As quoted in the market news:

The Arizona Legislature could chose to over-ride the governor’s veto of SB 1439. However, a 2/3 vote is required by each chamber—House and Senate—to over-ride her veto. However, the Republican controlled Senate only approved the measure by an 18-10 vote.

Governor Brewer stated in a letter to Andy Biggs, the state’s senate president:

While I believe the concern over a devalued dollar as a result of an unsustainable federal deficit is justified, I am unable to support this legislation. I believe the provisions in this legislation need to be more carefully examined and there should be prior coordination with those government agencies tasked with the oversight of these transactions.

Click here to read the full Mineweb report.