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Dan Gilmore / Jun. 18, 2015

Texas to Take Back $1 Billion in Gold From the Fed

Texas no longer trusts our nation’s central bank to safely store its gold in New York City. For years, the Lone Star State has kept its $1 billion in gold in the hands of the Federal Reserve Bank, which has safeguarded the bullion of the U.S. government, foreign governments and other major organizations. But now, the state is setting up its own bullion depository and will soon withdraw its gold from Fed control. “Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals,” Texas Gov. Greg Abbott said in a statement June 12. “With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state.” The move could be as simple as Texas stepping up and taking responsibility for its own assets, as well as providing a place for Texas citizens to store gold. Or, as CBS notes, it could be a step toward establishing a currency if Texas were to secede from the union. Regardless, it’s a Texas two-step toward greater autonomy.

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