A Texas lawmaker recently announced legislation to claim the state’s gold from the Federal Reserve in New York and store it in a newly created “Texas Bullion Depository.” The depository would also allow individuals to store their personal gold collections with government backing.

The idea has gained strong support from Governor Rick Perry, who has developed an increased awareness of the Federal Reserve’s flaws since listening to Ron Paul on the campaign trail. In a recent interview, Perry stated “If we own it, I will suggest to you that that’s not someone else’s determination whether we can take possession of it back or not.” Such independence would give Texas greater ability to protect its wealth from a potential dollar collapse.