Bill Summary – FastDemocracy

   
      88(3) HB 157 - Introduced version - Bill Text
      
		By:  Dorazio
            H.B.  No.  157
         
               A BILL TO BE ENTITLED
            
               AN ACT
            
            relating to the establishment of a currency based on gold and 
         
            silver; authorizing a fee.
         
                          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         
                          SECTION  1.    Subtitle A, Title 4, Government Code, is amended 
         
            by adding Chapter 404A to read as follows:
         
            CHAPTER 404A. GOLD AND SILVER CURRENCY
         
            SUBCHAPTER A. GENERAL PROVISIONS
         
                          Sec.  404A.0001.    DEFINITIONS.  In this chapter:
         
                                      (1)    "Bullion" means precious metals as defined within 
         
            the Government Code Chapter 2116 limited to gold and silver only.
         
                                      (2)    "Currency" means the representation of actual gold 
         
            and silver, specie and bullion held in a Depository account by a 
         
            Depository account holder as defined within the Government Code 
         
            Chapter 2116. Such representation shall reflect the exact unit(s) 
         
            of physical specie or gold and silver bullion in the pooled 
         
            depository account in its fractional troy ounce measurement as 
         
            provided by this chapter.
         
                                      (3)    "Precious metal" means precious metal as defined 
         
            within the Government Code Chapter 2116 limited to gold and silver.
         
                                      (4)    "Pooled depository account" means the account in 
         
            the Texas Bullion Depository established under Section 404A.0052.
         
                                      (5)    "Specie" means a precious metal stamped into coins 
         
            as defined within the Government Code Chapter 2116.
         
                          Sec.  404A.0002.    RULES.  The comptroller may adopt rules as 
         
            necessary or convenient to implement this chapter, including rules 
         
            to:
         
                                      (1)    ensure the security of the specie, bullion, 
         
            currency, transactions and related data; and
         
                                      (2)    prevent fraud; and
         
                                      (3)    prohibit transactions involving foreign nations 
         
            or enemies of this State.
         
            SUBCHAPTER B. ESTABLISHMENT AND ADMINISTRATION OF CURRENCY
         
                          Sec.  404A.0051.    ESTABLISHMENT.  (a)   As authorized by the 
         
            U.S. Const. Art. I,    10, the comptroller shall issue specie and 
         
            establish a currency as determined practicable.
         
                          (b)    The comptroller may preferentially contract with a 
         
            private vendor having its principal place of business and its 
         
            center of operations in Texas to establish the currency or perform 
         
            other duties under this chapter. Such contract may additionally 
         
            provide for the initial start up expense of this Chapter.
         
                          (c)    In establishing the currency the comptroller shall 
         
            establish a means to ensure that a person or State who holds the 
         
            currency may use such as legal tender in payment of debt, readily 
         
            transfer or assign such currency to any other person or State by 
         
            electronic means.
         
                          (d)    In establishing specie, the comptroller shall 
         
            exclusively authorize the Texas Bullion Depository as the State's 
         
            issuer and ensure that the holder of such specie may use such as 
         
            legal tender in payment of debt, readily transferable to any other 
         
            person or State.
         
                          Sec.  404A.0052.    BULLION DEPOSITORY ACCOUNT.  (a)   The 
         
            comptroller serving as trustee or another person appointed by the 
         
            comptroller who shall serve as trustee shall hold in trust on behalf 
         
            of the currency holders all specie and bullion owned or purchased 
         
            for such purposes. The trustee shall maintain enough specie or 
         
            bullion to provide for the redemption of all units of the currency 
         
            issued but not redeemed.
         
                          (b)    The trustee shall establish an account in the Texas 
         
            Bullion Depository to hold in trust as trustee on the behalf of the 
         
            currency holders all specie and bullion owned and allocated or 
         
            purchased for such purposes.
         
                          Sec.  404A.0053.    PURCHASE AND ISSUANCE.   (a)   A person or any 
         
            State of the United States, may be issued their currency by the 
         
            comptroller upon:
         
                                      (1)    Making payment to the comptroller for the purpose 
         
            Statutes affected: 
Introduced:  ()



	A BILL TO BE ENTITLED
	AN ACT
	relating to the establishment of a currency based on gold and
	silver; authorizing a fee.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Subtitle A, Title 4, Government Code, is amended
	by adding Chapter 404A to read as follows:
	CHAPTER 404A. GOLD AND SILVER CURRENCY
	SUBCHAPTER A. GENERAL PROVISIONS
	Sec. 404A.0001. DEFINITIONS. In this chapter:
	(1) "Bullion" means precious metals as defined within
	the Government Code Chapter 2116 limited to gold and silver only.
	(2) "Currency" means the representation of actual gold
	and silver, specie and bullion held in a Depository account by a
	Depository account holder as defined within the Government Code
	Chapter 2116. Such representation shall reflect the exact unit(s)
	of physical specie or gold and silver bullion in the pooled
	depository account in its fractional troy ounce measurement as
	provided by this chapter.
	(3) "Precious metal" means precious metal as defined
	within the Government Code Chapter 2116 limited to gold and silver.
	(4) "Pooled depository account" means the account in
	the Texas Bullion Depository established under Section 404A.0052.
	(5) "Specie" means a precious metal stamped into coins
	as defined within the Government Code Chapter 2116.
	Sec. 404A.0002. RULES. The comptroller may adopt rules as
	necessary or convenient to implement this chapter, including rules
	to:
	(1) ensure the security of the specie, bullion,
	currency, transactions and related data; and
	(2) prevent fraud; and
	(3) prohibit transactions involving foreign nations
	or enemies of this State.
	SUBCHAPTER B. ESTABLISHMENT AND ADMINISTRATION OF CURRENCY
	Sec. 404A.0051. ESTABLISHMENT. (a) As authorized by the
	U.S. Const. Art. I, 10, the comptroller shall issue specie and
	establish a currency as determined practicable.
	(b) The comptroller may preferentially contract with a
	private vendor having its principal place of business and its
	center of operations in Texas to establish the currency or perform
	other duties under this chapter. Such contract may additionally
	provide for the initial start up expense of this Chapter.
	(c) In establishing the currency the comptroller shall
	establish a means to ensure that a person or State who holds the
	currency may use such as legal tender in payment of debt, readily
	transfer or assign such currency to any other person or State by
	electronic means.
	(d) In establishing specie, the comptroller shall
	exclusively authorize the Texas Bullion Depository as the State's
	issuer and ensure that the holder of such specie may use such as
	legal tender in payment of debt, readily transferable to any other
	person or State.
	Sec. 404A.0052. BULLION DEPOSITORY ACCOUNT. (a) The
	comptroller serving as trustee or another person appointed by the
	comptroller who shall serve as trustee shall hold in trust on behalf
	of the currency holders all specie and bullion owned or purchased
	for such purposes. The trustee shall maintain enough specie or
	bullion to provide for the redemption of all units of the currency
	issued but not redeemed.
	(b) The trustee shall establish an account in the Texas
	Bullion Depository to hold in trust as trustee on the behalf of the
	currency holders all specie and bullion owned and allocated or
	purchased for such purposes.
	Sec. 404A.0053. PURCHASE AND ISSUANCE. (a) A person or any
	State of the United States, may be issued their currency by the
	comptroller upon:
	(1) Making payment to the comptroller for the purpose
	Statutes affected: Introduced: ()