Latest news with #Dorazio
Newsweek
02-07-2025
- Business
- Newsweek
Texans Allowed to Pay Using Gold and Silver
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Texans are to be allowed to pay with with gold and silver for everyday transactions after Governor Greg Abbott signed House Bill 1056 into law. The law, which was championed by Republican state representative Mark Dorazio, designates the precious metals as legal tender in the state. Texans will be able to use their gold and silver holdings, stored in the state's bullion depository, for payments through electronic systems such as mobile apps or debit cards. The provision comes after legislative debate, and takes effect on May 1, 2027, enabling transactions based on the state comptroller's valuation of the metals at the time of sale. Newsweek contacted Abbott and Dorazio for comment - via email and online inquiry form respectively - on Wednesday outside regular office hours. Why It Matters The decision by Texas lawmakers to recognize gold and silver as functional money marks a significant experiment in alternative currency in the United States. For decades, the U.S. has operated on fiat currency, and while federal law already recognizes U.S. gold and silver coins as legal tender, their actual commercial use has been rare and logistically challenging. Supporters, like Dorazio, say the move provides Texans with added protection from inflation and expands financial autonomy beyond federally backed dollars. The Republican also cited the Bible in his efforts. Chron, a Houston-based news outlet, quotes him as saying: "If you go back to the scripture in Genesis 2, it gives you a reason how God intended us to be able to effectively engage in commerce. And that reason was: 'In the land of Havilah, I place the gold.'" Critics, including industry groups and independent observers, warn of substantial costs, legal complexities, and potential consumer risks associated with managing gold- and silver-based transactions. How Will Payments Using Gold and Silver Work? The bill authorizes the Texas comptroller to establish electronic payment systems for gold and silver held in the state depository. Consumers will not spend physical gold and silver coins or bars, but rather use digital systems representing their holdings. The new legislation does not require merchants to accept gold or silver for transactions, not does it eliminate U.S. currency. Consumers may choose to continue standard payments. Stock photograph showing gold bullion bars at the ABC Refinery in Sydney on August 5, 2020. Stock photograph showing gold bullion bars at the ABC Refinery in Sydney on August 5, 2020. DAVID GRAY/AFP/GETTY An earlier version of the bill would have created a new gold- and silver-based digital currency, but this component was removed before it passed the Texas Legislature. According to Chron, the bill was opposed by both the Texas Bankers Association and the Independent Bankers Association due to consumer protection concerns. What People Are Saying On Sunday Governor Abbott wrote on X, formerly Twitter: "I signed a law authorizing Texans to use gold & silver as legal tender in day-to-day financial transactions. "It fulfills the promise of Article 1, Section 10 of the U.S. Constitution." I signed a law authorizing Texans to use gold & silver as legal tender in day-to-day financial transactions. It fulfills the promise of Article 1, Section 10 of the U.S. Constitution. — Greg Abbott (@GregAbbott_TX) June 29, 2025 Article 1, Section 10 of the Constitution states that no American state can "make any Thing but gold and silver Coin a Tender in Payment of Debts." Speaking to the Dallas Morning News, Dorazio said: "In short, this bill makes gold and silver functional money in Texas. It has to be functional, it has to be practical and it has to be usable." Where Else Are Gold and Silver Legal Tender? Other states such as Utah and Arizona have recognized gold and silver as legal tender. However, these measures are largely symbolic; most states do not require or provide the infrastructure for retail transactions using precious metals. The practice remains rare outside Texas. In May, Republican lawmakers in Missouri added an amendment to a broader finance bill that would make gold and silver legal tender in the state. The value of gold soared to an all time high on April 1 amid traders' concerns over President Trump's tariff policy, strengthening the precious metal's reputation as a relative safe haven. What Happens Next? House Bill 1056 is due to come into effect on May 1 2027. On the same day Abbott signed House Bill 1056, he also approved Senate Bill 21, which instructs the creation of a new Texas Strategic Bitcoin Reserve to hold the cryptocurrency among its financial portfolio.
Associated Press
29-01-2025
- Business
- Associated Press
KeyBank Cuts Ribbon on New Port Chester New York Branch With Grant to Nonprofit Project Morry
PORT CHESTER, NY, January 29, 2025 /3BL/ – Today, KeyBank, a Fortune 500 company with regional headquarters in Tarrytown NY, celebrated the opening of its newest branch office located at 1 North Main Street, Port Chester NY, with a ribbon cutting ceremony attended by bank leaders, local business owners and community partners. 'Opening this branch has been a journey that started more than a year ago with a vision to expand our presence in Westchester County and bring our exceptional banking services and community-focused values to Port Chester,' said KeyBank Regional Retail Executive Louis Hoxha. 'It is exciting to be in the beautiful Main and Port residential community in the heart of a vibrant business and retail district.' Hoxha went on to say 'Westchester County is an important part of our Hudson Valley/Metro NY market and New York is the largest state we do business in -- in fact, the roots of KeyBank go back 200 years to Albany NY. This new branch is a meaningful symbol of our continued commitment to this region.' Village of Port Chester Trustee and Deputy Mayor Phil Dorazio offered congratulatory remarks, saying how important it is to have a local bank in the community. 'I'm a small business owner, and Port Chester thrives on our small businesses. To have KeyBank here in this beautiful new building means a lot to our village.' Dorazio went on to say 'Even before the doors opened and there was still brown paper on the windows, the people of KeyBank were already out in our community, sponsoring and attending events, and meeting people and businesses in the neighborhood. The fact that they have staffed this branch with Latinos and Spanish-speaking bankers to help this heavily Spanish community, which is the backbone of our village, is a real plus.' Port Chester Village Manager and Chamber of Commerce board member Stuart Rabin echoed Trustee Dorazio's remarks. 'North Main Street and Westchester Avenue are very important to the Village and are areas that we are revitalizing for a new tomorrow. It is so exciting to have KeyBank here in this cornerstone piece of property in our downtown center. We wish you the best of luck here.' The celebration included the presentation of a $10,000 community grant to Port Chester-based Project Morry, a nonprofit that provides academic enrichment, leadership development, and a residential summer learning experience for children grade fourth through twelve. KeyBank's fund will help support the organization's College and Career Readiness Program, guiding more than 150 economically disadvantaged students from 8th grade through their first year after high school graduation. Project Morry Executive Director Dawn Ewing accepted the grant, saying 'We are so thrilled to be welcoming KeyBank to the Port Chester community. Their clear goal of not only supporting the work of the local nonprofits like Project Morry, but truly being a part of the community itself separates them from so many other institutions. We look forward to being their partner as they begin their time here in Port Chester.' KeyBank's new 3,975 square foot full-service branch will provide clients with a full range of financial products and services, including personal and business banking, investment solutions, and mortgage lending. The facility will include state-of-the-art banking technology, a walk-up ATM, metered parking in front of the branch and free nearby parking, and a gathering room available for use by community groups upon request. This newest location represents KeyBank's continued commitment to enhancing access to comprehensive financial services for individuals, families and businesses throughout the Westchester and Hudson Valley region. Doors opened to the public on Monday, January 27th. ABOUT KEYCORP In 2025, KeyCorp celebrates its bicentennial, marking 200 years of service to clients and communities from Maine to Alaska. To learn more, visit KeyBank Heritage Center. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at December 31, 2024. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit KeyBank Member FDIC.
