BISMARCK – A North Dakota state senator attempted Monday to reconsider a bill in order to amend wording that excludes certain electronic currency.
House Bill 1082 is a bill that is over 100 pages, but much of the concern is on page five, lines 15 to 21, which would change the definition of money by excluding an electronic record that is a medium of exchange that existed before being adopted or authorized by the government. Wording which already exists in century code states “the term includes a monetary unit of account established by an intergovernmental organization.”
Sen. Judy Estenson, R-Dis. 15, Warwick, moved to reconsider the bill.
“We need to be cautious not to give any opportunity of opening a door to central bank digital currency,” said Estenson. “If there is any doubt, we should amend the bill to protect North Dakota, to make sure that we remain sovereign on this issue. I’m asking for more time to reconsider, so that we do not hurriedly make a decision that could be harmful to North Dakota.”
Rep. Lawrence Klemin, R-Dis. 41, Bismarck, introduced the bill to the Senate Judiciary committee March 6, saying it is related to the 2022 amendments to the uniform commercial code. He also mentioned he has been a commissioner on the National Uniform Law Commission since 1999, representing the North Dakota House of Representatives.
“The mission of the ULC is to promulgate uniform acts that the states can act as a part of their own statutory laws, and to provide uniformity among the states,” said Klemin. “North Dakota has enacted over 100 uniform acts and revisions. Uniform commercial code was developed during the 1940s and 1950s and has been enacted in all of the states.”
Rick Clayburgh, president and CEO of the North Dakota Bankers Association, responded at the committee hearing to some of the concerns about the bill.
“Whether this bill passes or not, it’s not going to stop any government from looking at the creation of some type of central bank digital currency,” said Clayburgh. “That’s just what’s happening. It already was happening. It’s our job to argue federally that we don’t want that. And who knows where technology is going to go.”
Clayburgh also said it would be difficult to amend only the section on the definition of money as that would affect the rest of the bill.
South Dakota Governor Kristi Noem vetoed a similar bill Friday for similar concerns.
The bill passed the North Dakota State House February 15 by a vote of 84 to 9, and the Senate Friday by a vote of 34 to 12. The reconsideration failed Monday by a vote of 30 to 17. The bill will be sent to Governor Doug Burgum’s desk for consideration.
