The bill, H.B. No. 1049, proposes the establishment of a legal framework for the issuance of gold and silver currency in Texas, creating a new Chapter 404A in the Government Code. This chapter includes definitions for terms such as "bullion," "specie," and "gold and silver currency," and outlines the responsibilities of the comptroller in establishing and administering a currency based on gold and silver. The comptroller is authorized to issue gold and silver specie and to create a pooled depository account in the Texas Bullion Depository to hold the necessary bullion. The bill also allows the comptroller to contract with private vendors for the establishment of this currency, with a preference for vendors based in Texas.

Additionally, the bill stipulates that holders of gold and silver currency can redeem their currency for United States dollars or for actual gold and silver specie or bullion. The comptroller is tasked with determining the value of the currency based on the current market value of gold and silver. A fee may be established for the issuance and redemption of the currency to cover administrative costs, with net proceeds deposited into the general revenue fund. The act is set to take effect on September 1, 2025.

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