Nothing shows faith in the federal government like moving all your assets closer to home.
H/T Gates of Vienna
By Emily Ramshaw and Aman Batheja
The Texas Tribune
Call it the Rick Perry gold rush: The governor wants to bring the state’s gold reserves back from a New York vault to Texas.
And he may have legislative support to do it. Freshman Rep. Giovanni Capriglione, R-Southlake, is carrying a bill that would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Co., or UTIMCO, and stored by the Federal Reserve.
The idea isn’t entirely new. Some Republicans worked on a gold bill last session that was never filed. And gold-standard-backing Ron Paul, the former Lake Jackson congressman, has raised repeated concerns about the safety of states’ gold supplies.
“If you think gold is a hedge, or a protection, you always want it as close to the individual and the entity as possible,” Paul told The Texas Tribune on Thursday. “Texas is better served if it knows exactly where the gold is rather than depending on the security of the Federal Reserve.”
Bringing Texas’ gold home has gained traction this session because of Perry’s vocal support. On conservative radio host Glenn Beck’s show Tuesday, the governor said Texas is “in the process” — the legislative process, he later clarified — of “bringing gold that belongs to the state of Texas back into the state.”