Utah Financial Security Act



With the looming financial crisis and national and state debt. With the threats from the national government and ultimatum of do this or do not receive our money. One must wonder what can be done, without simply complaining about the problem. If we look at the State of North Dakota. They have seen financial security, and a sustainable GDP for about the last one hundred years. As of recently they are ranked 16th in per capital income at $50,899. Their gross domestic product was 36 billion in 2013, and their GDP growth rate is at an average of 8%. Now let’s look at Utah. In 2005 we

had an average per capital income of $36,000. 82 billion GDP which is about 1% of the nation. So why do the citizens make far less than what our GDP is per year? The reason being is that we are truly addicted to the

federal money which always brings higher taxes and higher federal tyranny. We also pay more to the feds per year as well. So what is the solution, how can we fix this mess? Be more honest and fair with our citizens? How can we say no to the federal monies with strings attached? How can we keep more of what we earn? How can we lower taxes and fees, and still lower our debts here at home and at the national level? How can we fully practice the principle of Nullification? The solution is banking. Not the traditional form after the Federal Reserve banking system, but after the order of the old savings and loan sort of way. Where people may establish their own banks, their own regulations, and their own help meet for their customers, and eventually their own currency. Remember that this Great State of Utah is supposed to be a sovereign nation with equal footing with the national government and our neighboring States under the US Constitution. Below is the piece of legislation that will prepare the way for our future financial safety, and security.

Banking Bill of the State of Utah

Bill Authorizing the Establishment

Of Citizen Owned banks

In the State of Utah


An Act Declaring the Authorization of citizen banks in the State of Utah to Engage in the Banking Business and Establish a System of Banks outside of the Federal Reserve System.


This act is authorized according to the 10th Amendment to the Constitution:


“The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.



Be it enacted by the Legislature of the State of Utah:


Section 1. For the purpose of encouraging and promoting banking to enable commerce and industry, these banks shall engage in the business of banking, and for that purpose shall, and hereby, establish a system of banks owned, controlled and operated by the citizens of the State of Utah under the authority the State of Utah.


Section 2.  These banks shall be properly registered in the State following the requirements established by the Department of Commerce and shall be required to comply with all of the established banking laws of the State as they are or shall be in the future.


Section 3. To accomplish the purposes of this Act, these banks will be required to establish a capital account of $ 1000 prior to opening to insure there are proper funds to safely and securely begin operations. At least 50% of that initial startup capital must be either Gold or Silver deposits, in accordance with the Utah Sound Money Act of 2010.


Section 4. To the end that there is proper experience the bank will hire a manager with ample banking experience.  This manager may appoint such subordinate officers and employees as he may judge expedient. He shall employ such contractors, architects, builders, attorneys, cashiers, tellers, clerks, accountants, and other experts, agents and servants such that in his judgment the interests of the citizens of the state will be secured.  He will define the duties, designate the titles, and fix the compensation and bonds of all such persons so engaged.  The total compensation of all managers and employees, together, with other expenditures for the operation and maintenance of the Bank, shall remain within the earnings and expenses normally paid to individuals assuming these or similar types of employment. All officers, and employees of the Bank engaged in its financial functions shall, before entering upon their duties, furnish good and sufficient bonds to the state in such amount and upon such conditions as are appropriate; but the bond of the Manager shall not be less than 1000 dollars. Such bonds shall be filed with the Secretary of State.


Section 5. These banks shall be opened and shall proceed to transact business whenever there shall be delivered appropriate bonds issued by law for such purpose. The funds procured by the negotiation and sale of such bonds is hereby designated and shall be known as the capital of said Bank.


Section 6. These banks are hereby authorized to perform any and all activities normally performed by any other banks within the normal banking requirements and laws of the State.


Section 7. The State of Utah recommends that all state, county, township, municipal and school district funds, all funds of all penal, educational and industrial institutions and all other public funds be, by the person having control of such funds, deposited in these banks.


Section 8. These banks may receive deposits from any source, including the United States Government and any foreign or domestic individual, Corporation, association, municipality, bank or government.


Section 9. All deposits in these banks are hereby guaranteed by the State. Income derived from these deposits shall be exempt from any taxes levied by any Utah State, County or Municipal government.


Section 10.  All profits of these banks remain in the State of Utah to assist the citizens and the governments of the state.


Section 11. As it is the State that guarantees the deposits of these banks it is hereby required that at least 10% of all profits be paid to the treasurer of the State of Utah.  This provision will compensate the State for the risk provided by the guarantee in Section 9.


Section 12. The chief bank of the citizens banking system, after being properly designated, will serve as a citizen’s bank reserve depositary and may perform the functions and render the services of a clearing house, including all facilities for providing domestic and foreign exchange, and may re-discount paper on such terms as are expedient.


Section 13. The State Banking Examiner shall personally or through deputy examiners visit these banks at least twice annually, and shall inspect and verify the assets in its possession and under its control, with sufficient thoroughness of investigation to ascertain with reasonable certainty whether the valuations are, correctly carried on its books. He shall investigate its methods of operation and accounting. He shall report the results of each such

Examination and investigation to the State Auditor as soon as practicable.


Section 14. All Acts and parts of Acts inconsistent with this Act are hereby repealed.


Section 15. This Act is hereby declared to be an emergency measure and shall take effect and be in force immediately from and after its passage and approval.