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Government/Politics

State Legislature Approves Creating Depository For Texas’ Gold

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Courtesy: Agnico-Eagle
/
Wikimedia Commons

AUSTIN — The Legislature has approved creating a Texas Bullion Depository where the state and other investors can store gold reserves. The House voted Sunday to approve compromise language after versions of the plan previously passed both chambers. That sends it to Gov. Greg Abbott to be signed into law.

Southlake Republican Rep. Giovanni Capriglione first proposed the state depository in 2013, but it didn’t gain traction until this session. The depository would be a secure facility administered by the Texas comptroller. Its location hasn’t yet been determined.

Through investment funds tied to its public universities and other entities, Texas has $1 billion-plus in gold currently stored in other states. Under the bill, state entities, but also “business or nonprofit corporations, charitable or educational corporations” or banks could use the depository.