Texas Gov. Greg Abbott signed House Bill 483 into law on June 12, 2015, after it received approval in both the House and the Senate during the 84th Texas legislative session. The bill, authored by Texas Rep. Giovanni Capriglione, R-Southlake, and sponsored by Sen. Lois Kolkhorst, R-Brenham, allows for the nation’s first state bullion depository to be established in Texas under the supervision of the state’s comptroller’s office. Government officials identified a multitude of advantages to having a state-run bullion depository in Texas. In his official statement, Gov. Abbott discussed one of the main purposes: To bring Texas’ gold back home to Texas. The University of Texas Investment Management Company’s gold endowment, worth an estimated $660 million, is currently stored in HSBC’s New York bank vault, requiring hefty storage fees that come out of Texas taxpayers’ funds. The Texas Bullion Depository would eliminate the need for out-of-state storage, as well as give Texas the opportunity to become a “commodities hub for the continent,” according to Rep. Capriglione. The law also introduces the possibility of account holders carrying out their monetary transactions in precious metals through the depository system. Free from the jurisdiction of governmental or quasi-governmental authority beyond the state of Texas, the depository would be safe storage facility for the bullion of both institutions and individuals.
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