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. The comptroller is authorized to issue gold and silver specie and establish a currency based on these precious metals, ensuring that holders can use the currency as legal tender and transfer it electronically. The comptroller may also contract with private vendors to facilitate the establishment and management of this currency system.

Additionally, the bill outlines the procedures for the issuance and redemption of gold and silver currency, including the establishment of a pooled depository account to hold the precious metals in trust. It allows individuals to redeem their currency for U.S. dollars or for an equivalent amount of gold or silver specie. A fee may be established by the comptroller to cover the costs of administering the currency system, with net proceeds deposited into the general revenue fund. The act is set to take effect on September 1, 2025.

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