Entrusting Texas with Texas Gold

A Talking Points Memo article from June 2015 titled "With Eye on Fiscal Armageddon, Texas Set to 'Repatriate' Its Gold To New Texas Fort Knox" suggested that the Federal Reserve Bank of New York's vault in lower Manhattan would be rivaled by a state-run gold depository in Texas.

The article stated that the regulations for the depository are unique to Texas, saying, "In keeping with this suspicion of the Fed and Washington, the new law also explicitly declares that no 'government or quasi-governmental authority other than an authority of [Texas]' will be allowed to confiscate or freeze an account inside the depository. Gold that's entrusted to Texas will stay in Texas."

The new regulations for the Texas Bullion Depository have gained attention worldwide. State Rep. Giovanni Capriglione, R-Southlake, was quoted saying, "[I] got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository. People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold."

Potentially creating an alternative banking system with the gold and precious metals in the depository could allow Texas to become a center of world finance.

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