Governor Sununun recently signed HB1503. It’s a strange combination of things, well – odd to me. It makes New Hampshire more crypto-currency-friendly while providing that the State uses steel made in America whenever possible.
I know (nearly) nothing about cryptocurrency except that it is very popular with the anti-fiat money crowd, which is a bit ironic. Barter is what it is, and consenting adults should be able to trade (more or less) whatever they like for goods and services as long as it is not non-consenting adults or children.
I’ll give you a toaster for that kitten.
You can replace either word with cash, bitcoin, or any other object or resource; I’m not going to get bent about that. But I’m still not sure how bitcoin isn’t fiat money just because it is not “backed” by the not-so-good will of some government.
I’m confident that some learned expert can correct me, and I’m also okay with that.
Send me a book. Write me a song. Speaking of songs, check out these “lyrics” from HB1503.
This bill exempts the developer, seller, or facilitator of the exchange of an open blockchain token from certain securities laws. This bill also adopts the Uniform Commercial Code on controllable electronic records. This bill also establishes the requirements and fraud processes, for the use of American made steel products in state public works projects.
That sounds great, whatever it means. You can read and understand or not here while I tackle the final sentence. HB1503 is long for a New Hampshire bill. It is forty-seven pages. Forty-six are about the new crypto law, and the last few words are about this.
Notwithstanding any law to the contrary relating to procurement and to the extent permitted by federal law, any contract for construction, reconstruction, alteration, repair, improvement, or maintenance of a public building or public works with the state as a party shall contain a provision that for the permanently incorporated iron, structural steel, and fabricated structural steel used or supplied in the performance of the contract or any subcontract, strong consideration and preference shall be given for iron or steel fabricated in the United States. If the competitive bidding process results in all qualifying factors being equal, the contract shall be awarded to the contractor offering steel fabricated in the United States. In instances where qualifying factors are equal, absent of low price, and using domesticated structural steel, the state may reserve the option to purchase steel fabricated in the United States.
Buy the USA steel whenever possible for a state or government project but if you lie about that, “the department of administrative services shall withhold contract payment until the structural steel can be replaced, or the noncompliance of this paragraph is otherwise remedied.”
It’s not clear what they mean by remedy.
It seems impractical to “replace” the structural steel if the project is well past that stage. Take the Nashua Performing Arts Center and Taxpayer Money Pit on Main Street. It is not affected by this bill, but if it were, how exactly does the contractor (Chasse Steel, I know the owner) replace steel inside a building that’s externally well on its way?
I’m not saying Steve didn’t use US steel or did; he’s the expert, not me. He built a massive company from nothing, the American dream, and I love that. What I’m saying is the provision in the law is very vague. Other than being debarred from future contracts if a remedy is not realized, what of it?
I’m sure someone will help me out with that as well, but from here, the remedy is left to the bureaucrats, and didn’t SCOTUS just tell the EPA that it can’t assume authority or remedy not specified by the Legislature?
Just an observation.