The bill, S.B. No. 2002, proposes the establishment of a gold and silver currency system in Texas, amending Chapter 2116 of the Government Code by adding a new Subchapter D titled "Gold and Silver Currency." This subchapter defines "gold and silver currency" as a representation of gold and silver specie and bullion held in a pooled depository account. It outlines the responsibilities of the comptroller, including the issuance of gold and silver specie, the establishment of a currency based on these metals, and the creation of a pooled depository account to hold the gold and silver. The comptroller is also authorized to adopt rules to ensure security, prevent fraud, and prohibit transactions with foreign entities involved in illegal activities.

Additionally, the bill allows the comptroller to charge a fee for the issuance and redemption of gold and silver currency to cover administrative costs, with net proceeds deposited into the general revenue fund. The bill specifies that the comptroller may contract with private vendors for the establishment of the currency and mandates that the currency holders can redeem their currency for U.S. dollars or for gold and silver specie or bullion. The act is set to take effect on September 1, 2025.

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