HB 1062
AN ACT relating to purchasing gold and silver bullion for this state to
89th Regular Session
Jan 14, 2025 - Jun 2, 2025 • Session ended
Awaiting Committee Assignment
Bill filed, pending referral to House committee
Committee
Not yet assigned
Fiscal Note
Not available
What This Bill Does
This Texas bill authorizes the state comptroller to purchase $4 billion in gold bullion and $1 billion in silver bullion during the fiscal biennium beginning September 1, 2025. The purchased precious metals will be deposited into the Texas Bullion Depository, with $5 billion appropriated from the general revenue fund to complete these purchases. The move aims to diversify the state's financial assets and potentially provide a hedge against economic uncertainty by investing in physical precious metals.
Subject Areas
Bill Text
relating to purchasing gold and silver bullion for this state to hold in the Texas Bullion Depository; making an appropriation. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. (a) The comptroller of public accounts shall undertake to purchase during the state fiscal biennium beginning (1) $4 billion worth of gold bullion; and (2) $1 billion worth of silver bullion. (b) The comptroller of public accounts shall deposit the bullion purchased under Subsection (a) of this section into the Texas Bullion Depository to the credit of an account held by this SECTION 2. The amount of $5 billion is appropriated from the general revenue fund to the comptroller of public accounts for the state fiscal biennium beginning September 1, 2025, for the purpose of purchasing $4 billion in gold bullion and $1 billion in silver SECTION 3. This Act takes effect September 1, 2025.
Bill Sponsors
Legislators who authored or co-sponsored this bill.
Bill History
Bill filed: AN ACT relating to purchasing gold and silver bullion for this state to
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