Texas creates state-run gold depository beyond the reach of federal ‘confiscation’ — is secession next? http://t.co/xK02roLras

— Kragar (@Kragar_LGF) June 16, 2015

Abbott signed House Bill 483 into law last Friday, stating, “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. 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.”

Under the terms of the bill, written by Rep. Giovanni Capriglione (R-Tarrant County), the gold will be held in state run depository beyond the reach of the federal government and other any “quasi-governmental authority” should they attempt to access or “confiscate” it.

Section A2116.023 of the bill states: “Purported confiscation, requisition, seizure, or other attempt to control the ownership … is void and of no force or effect.”

The bill also states “The depository in the case of receiving notice of a purported confiscation, requisition, seizure, or other attempt to control the ownership, disposition, or proceeds of a withdrawal,transfer, liquidation, or settlement of a depository account … may not
recognize the governmental or quasi-governmental authority, financial institution, or other person acting as the lawful successor of the registered holder of a depository account in question.”