The bill, H.B. No. 1049, proposes the establishment of a gold and silver currency system in Texas, which includes the issuance of gold and silver specie and the creation of a pooled depository account for these assets. It introduces Chapter 404A to the Government Code, defining key terms such as "gold and silver currency," "bullion," and "pooled depository account." The comptroller is tasked with overseeing the issuance of this currency and ensuring its security, as well as preventing fraud and illegal transactions. The comptroller may also contract with private vendors to assist in establishing the currency, with a preference for vendors based in Texas.

Additionally, the bill outlines the procedures for the issuance and redemption of gold and silver currency, including the requirement for individuals to pay a fee for these services. The comptroller is authorized to determine the value of the currency based on the current market value of gold and silver. Importantly, the bill stipulates that funds related to the gold and silver currency will be held in trust and are not subject to legislative appropriation. The act is set to take effect on September 1, 2025.

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