HB 1056 – Gold-backed currency

HB 1056, as substituted in the Senate, allows the Texas Comptroller to create a new currency backed by gold and silver held in the state’s bullion depository, and declares Gold and Silver as legal tender. Texans could exchange U.S. dollars or existing precious metals for digital units representing a fraction of a troy ounce of gold or silver. These units could be used as legal tender or redeemed for physical metal or cash. By tying currency to tangible assets, the bill provides an inflation-resistant store of value and a hedge against federal monetary instability. It promotes financial freedom, limits federal interference, and gives Texans more control over their wealth. Additionally, it encourages economic activity within the state and responsibly utilizes the underused Texas Bullion Depository. From a limited-government and pro-taxpayer perspective, HB 1056 empowers individuals and the free market. For these reasons, TFR strongly supports HB 1056.