Lawmakers in President Obama’s home state want to know who is buying and selling gold.
Illinois’ Precious Metal Purchasing Act, or SB-3341, would require every gold and silver transaction to be registered with the state.
The bill passed in the state’s Senate last spring and the House is considering amendments.
Amendment 1 reads: “Authorizes inspection of records by local police departments. Requires reports to law enforcement on a daily basis. Exempts persons licensed under the Pawnbroker Regulation Act.”
The bill is apparently intended to help police recover stolen property and help raise revenue for the state. But the federal government’s history of confiscating gold has some concerned this bill could be an ominous sign of things to come.