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| Reuters / Michael Dalder |
Texas establishes own gold depository independent of Federal Reserve Texas Governor Greg Abbott signed House Bill 483 into law last Friday.Texas is planning to build its own state-controlled depository and wants its gold back from New York State. The Lone Star state will repatriate its $1 billion in gold bullion.</“With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state,”Greg Abbott said on Friday. The location of the future depository is still unknown.
“With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state,” Greg Abbott said on Friday. The location of the future depository is still unknown.
“The depository in the case of receiving notice of a purported confiscation, requisition, seizure, or other attempt to control the ownership, disposition, or proceeds of a withdrawal, transfer, liquidation, or settlement of a depository account … may not recognize the governmental or quasi-governmental authority, financial institution, or other person acting as the lawful successor of the registered holder of a depository account in question,” the law states.
The bill was suggested by two Republican members of Texas House of Representatives: Giovanni Capriglione and Lois W. Kolkhorst.
Texas thus prevents an executive order in the style of Executive Order 6102 of April 5, 1933, which obliged people to give their gold bullions and coins to the Federal Reserve System.
Capriglione told the Texas Newspaper Star-Telegram that “…when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository.”
“People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold,” he added. Capriglione also hopes that these measures will allow Texas to generate revenue of the state and reminds that the state pays New York $1 million a year to store its gold. The main holders of Texan gold are University of Texas and Teacher Retirement System. Read More
