Texas seeks state Bullion Depository to hoard gold in failing global economy…

Texas seeks state Bullion Depository to hoard gold in failing global economy

Bill: HB3505 (PDF)

Sponsored by Rep. Giovanni Capriglione and backed by Gov. Rick Perry, HB3505 would create the Texas Bullion Depository, a state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Co. and presently stored by the Federal Reserve. The bill also preemptively nullifies any confiscation of Texas gold by the federal government. HB3505 creates the Texas Bullion Depository to “serve as the custodian, guardian, and administrator of all bullion and specie transferred to or otherwise acquired by this state; provide the basis for a system for precious metals-denominated intergovernmental payments and settlements; establish a process and mechanism by which the system is able to function in the event of a systemic dislocation in a national and international financial system, including systemic problems in liquidity, credit markets, or currency markets; and provide a regulatory and administrative framework for the system to be made available to private persons.”

Also: “Gov. Rick Perry, Some Lawmakers Want State’s Gold Back in Texas”

“Led by Gov. Perry and Rep. Capriglione, Texas plans to hoard gold”

“Texas Moves to Repatriate its Gold from the Federal Reserve”