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Bill > HB1049

TX HB1049

TX HB1049
Relating to the issuance of gold and silver specie and the establishment of a currency based on gold and silver; authorizing a fee.

summary

Introduced
11/12/2024
In Committee
03/07/2025
Crossed Over
Passed
Dead
06/02/2025

Introduced Session

89th Legislature Regular Session

Bill Summary

AN ACT relating to the issuance of gold and silver specie and the establishment of a currency based on gold and silver; authorizing a fee.

AI Summary

This bill establishes a comprehensive framework for creating a state-based gold and silver currency system in Texas, authorizing the comptroller to issue and manage a new form of currency backed by physical gold and silver bullion. The legislation creates a pooled depository account at the Texas Bullion Depository where gold and silver specie (physical precious metals) will be held in trust, and allows individuals to purchase currency units representing specific fractional amounts of gold or silver. Individuals can obtain these currency units by either depositing existing gold or silver or paying money to have the comptroller purchase the corresponding amount of precious metals. The currency can be used as legal tender, transferred electronically, and redeemed either for United States dollars or for the actual physical gold or silver it represents. The comptroller is authorized to establish fees to cover administrative costs and may contract with private vendors (preferably Texas-based) to help implement the system. Importantly, the money and metals in the depository account will be held in trust and not subject to legislative appropriation, providing additional security for currency holders. The bill is set to take effect on September 1, 2025, giving state officials time to develop the necessary infrastructure and processes for this novel currency system.

Committee Categories

Government Affairs

Sponsors (82)

Giovanni Capriglione (R)*,  Mark Dorazio (R)*,  Todd Hunter (R)*,  Alma Allen (D),  Cecil Bell (R),  Keith Bell (R),  Rhetta Bowers (D),  Brad Buckley (R),  John Bucy (D),  Ben Bumgarner (R),  Briscoe Cain (R),  Liz Campos (D),  David Cook (R),  Philip Cortez (D),  Charles Cunningham (R),  Jay Dean (R),  Mano DeAyala (R),  Lulu Flores (D),  James Frank (R),  Josey Garcia (D),  Gary Gates (R),  Stan Gerdes (R),  Mary González (D),  Ryan Guillen (R),  Cody Harris (R),  Caroline Harris Davila (R),  Brian Harrison (R),  Richard Hayes (R),  Cole Hefner (R),  Ana Hernandez (D),  Hillary Hickland (R),  Janis Holt (R),  Andy Hopper (R),  Carrie Isaac (R),  Jo Jones (D),  Helen Kerwin (R),  Stan Kitzman (R),  Marc LaHood (R),  Jeff Leach (R),  Terri Leo-Wilson (R),  Mitch Little (R),  Janie Lopez (R),  Ray Lopez (D),  A.J. Louderback (R),  David Lowe (R),  J.M. Lozano (R),  John Lujan (R),  Shelley Luther (R),  Christian Manuel (D),  Don McLaughlin (R),  Will Metcalf (R),  Terry Meza (D),  Brent Money (R),  Joe Moody (D),  Eddie Morales (D),  Matt Morgan (R),  Sergio Muñoz (D),  Candy Noble (R),  Mike Olcott (R),  Tom Oliverson (R),  Claudia Ordaz Perez (D),  Angelia Orr (R),  Jared Patterson (R),  Dennis Paul (R),  Katrina Pierson (R),  Richard Raymond (D),  Ron Reynolds (D),  Keresa Richardson (R),  Nate Schatzline (R),  Alan Schoolcraft (R),  Joanne Shofner (R),  John Smithee (R),  David Spiller (R),  Valoree Swanson (R),  James Talarico (D),  Carl Tepper (R),  Tony Tinderholt (R),  Steve Toth (R),  Ellen Troxclair (R),  Cody Vasut (R),  Wesley Virdell (R),  Trey Wharton (R), 

Last Action

Referred to State Affairs (on 03/07/2025)
(1 Companion Bills)

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