Texas HB1056 establishes a gold and silver currency system in Texas, allowing gold and silver specie as legal tender and authorizing fees for.

HB1056 amends the Texas Government Code to create a gold and silver currency system. The Texas Comptroller, serving as trustee, will issue gold and silver specie and currency based on gold and silver bullion. The comptroller will maintain a pooled depository account to hold gold and silver specie and bullion. The comptroller can contract with a vendor to establish the currency, with preference to in-state businesses. The comptroller may establish fees for currency issuance and redemption, with net proceeds deposited into the general revenue fund. The act takes effect September 1, 2025.

Texas HB1056 establishes a gold and silver currency system in Texas, allowing gold and silver specie as legal tender and authorizing fees for.

HB1056 amends the Texas Government Code to create a gold and silver currency system. The Texas Comptroller, serving as trustee, will issue gold and silver specie and currency based on gold and silver bullion. The comptroller will maintain a pooled depository account to hold gold and silver specie and bullion. The comptroller can contract with a vendor to establish the currency, with preference to in-state businesses. The comptroller may establish fees for currency issuance and redemption, with net proceeds deposited into the general revenue fund. The act takes effect September 1, 2025.