The Texas Senate on Wednesday passed a legal tender bill by an overwhelming 29-2 vote, according to the Tenth Amendment Center. House Bill 483 (HB483), introduced by State Rep. Giovanni Capriglione, was inspired by legislation which passed in the Arizona Legislature this year.
In April, the Arizona State Legislature passed a Legal Tender bill sponsored by Rep. Mark Finchem, but it was vetoed by Governor Doug Ducey after the legislative session came to a close. At the time, Ducey claimed that it was “not the right time” to passed such legislation.
Unlike the Arizona bill, which would have only provided the State with an option to a state bullion depository, the Texas bill would create a depository.
Texas House Bill 483 (HB483) 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.
According to the Tenth Amendment Center, “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….This opening of the market is considered by many insiders to be the most important first step towards bringing sound money to mainstream acceptance.”
Rep. Mark Finchem stated, “I am pleased to see that the Republic of Texas has taken a leadership position with regard to honest money, and the empowerment of choice by its citizens to use elements of material wealth to transact business at many levels. The expected inflow of precious metals related wealth into Texas will be a job creator and an economic safety-net for its economy. I’m told by legislative peers that I’ve worked with there, that Governor Abbott’s office has expressed support and his signature is expected. I hope that we [Arizona] can pass our legislation and get our Governor’s signature in our next session.”