Austin, TX – Texas lawmakers voted on Friday to recognize gold and silver as legal tender while authorizing the Comptroller to create a program where the value of gold and silver can be transferred by electronic means.
The Texas House of Representatives approved a number of Senate amendments to House Bill 1056, filed by Republican Texas Representative Mark Dorazio and Republican Texas Senator Bryan Hughes.
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“This is a major win for Texans,” said Representative Dorazio. “With the implementation of the transactional gold program laid out in House Bill 1056, millions of Texans will have access to sound money and a protection from the destruction of inflation.”
Transactional gold legislation has been signed into law in Arkansas and Florida this year. Texas House Bill 1056 now heads to Governor Abbott’s desk, and with his signature, Texas will become the third state to authorize a transactional gold program.
The Texas Bullion Depository was established by the 84th Legislature and began operating in 2018. It is administered by the Comptroller and currently holds approximately $380 million in precious metals.
“Texas is the state best positioned to implement transactional gold and the American Dream will become more accessible than ever in Texas,” Representative Dorazio continued. “I am hopeful the Governor will sign House Bill 1056 and I urge him to do so.”
The successful effort in Texas comes as dozens of states consider similar legislation to bring gold and silver back into commerce.
At a bill signing ceremony last week enacting a similar law, Gov. Ron DeSantis told journalist Alex Newman that he believes the Trump administration will be open to working with states to remove capital gains taxes on metals used as currency.
Article posted with permission from Alex Newman
