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 in the Government Code titled "Gold and Silver Currency." It defines key terms such as "bullion," "specie," and "gold and silver currency," and outlines the responsibilities of the comptroller in establishing and administering a system for issuing this currency. The comptroller is authorized to create a pooled depository account in the Texas Bullion Depository to hold the gold and silver backing the currency, ensuring that holders can use it as legal tender and transfer it electronically. The bill also allows the comptroller to contract with private vendors for the establishment of this currency, with a preference for Texas-based businesses.

Additionally, the bill includes provisions for the redemption of gold and silver currency for U.S. dollars or for physical specie or bullion, detailing the processes involved in these transactions. It establishes that the comptroller may charge a fee for the issuance and redemption of the currency to cover administrative costs, with net proceeds going to the general revenue fund. The act is set to take effect on September 1, 2025.

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