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The bill 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.
"Something on the scorecards of a lot of these businesses in deciding whether they want to come to Texas is stability and gold as being one of those items," Capriglione said. "I think it's been in his consciousness for a while in trying to get some sort of depository in the state of Texas."
He has also spoken with UTIMCO, which owns the 6,643 gold bars housed underground in New York City.
"We're trying to figure out the right amount of gold to have here in Texas," Capriglione said.
"We don't want just the certificates. We want our gold. And if you're the state of Texas, you should be able to get your gold."
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