Subject: Texas Senate Passes Bill to Establish Bullion Depository, Help Facilitate Transactions in Gold and Silver
From: Hawkeye
Sent: Wednesday, May 27, 2015 7:21 PM
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Subject: Texas Senate Passes Bill to Establish Bullion Depository,
Help Facilitate Transactions in Gold and Silver
Texas Senate Passes Bill to Establish Bullion Depository, Help Facilitate Transactions in Gold and Silver
AUSTIN, Tex. (May 26, 2015) – A bill taking a step towards
gold and silver as commonly-used legal tender in Texas passed in the state
Senate today by an overwhelming 29-2 vote.
Introduced by State
Rep. Giovanni Capriglione (R- Southlake) and four co-sponsors on Feb. 12, House
Bill 483 (HB483) would create a state
bullion depository. It reads, in part:
(a) The Texas Bullion Depository is established as an agency of this state in the office of the comptroller.
(b) The depository is established to serve as the custodian, guardian, and administrator of certain bullion and specie that may be transferred to or otherwise acquired by this state or an agency, a political subdivision, or another instrumentality of this state.
What the bill
essentially does is create a means for transactions to occur in precious metals.
It allows people to open an account and deposit their precious metals in
the state depository. They could then use the electronic system to make payments
to any other business or person who also holds an account.
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