A promising piece of legislation that would empower Texans to protect their wealth and push back against federal monetary overreach is being quietly delayed in the Texas Senate—and time is running out.
House Bill 1056 (HB 1056), which passed the Texas House on May 2nd with strong Republican support (89-45) and near-unanimous Democrat opposition, represents a bold step toward restoring sound money. The bill would allow the Texas Comptroller to establish a currency backed by gold and silver held in the state’s own Texas Bullion Depository. Texans could exchange U.S. dollars or existing metals for units representing fractions of troy ounces of gold or silver. These units could then be used in commerce, redeemed for cash, or traded back for physical metal.
The benefits are clear. HB 1056 is a conservative, common-sense bill that offers an inflation-resistant store of value in an era of reckless federal spending and debasement of the dollar. It promotes individual financial freedom and more fully reasserts the sovereignty of Texas in economic matters by harnessing the underused Texas Bullion Depository—created by the Legislature in 2015.
Importantly, HB 1056 is not a symbolic gesture. It would give Texans a practical tool to hedge against economic instability and safeguard their hard-earned money. With inflation cutting into real wages and savings, families and businesses alike deserve alternatives grounded in tangible assets, not fiat promises.
And yet, despite its strong showing in the Texas House and broad public appeal, the bill now risks dying a quiet death in the Senate—not because of opposition, but because of inaction.
On May 6th, HB 1056 was referred to the Senate Finance Committee, chaired by Republican Senator Joan Huffman (R-Houston). It received a public hearing on May 14th but has not been voted out of committee as of May 23rd. With the end of session looming on June 2nd, and the final day for Senate floor consideration being May 28th, the window to act is rapidly closing.
There is no legitimate reason to let this bill stall. The Legislature has less than a week to ensure Texans have access to a currency tied to real value—not political whims.
Senator Huffman must act swiftly to bring HB 1056 up for a vote in committee and move it to the Senate floor. Every day of delay risks empowering Washington and undermining the financial autonomy of Texas taxpayers.
This is not just about gold or silver—it’s about freedom, responsibility, and giving families control over their economic future. HB 1056 deserves a fair vote.
Concerned taxpayers should reach out to Senator Huffman’s office at (512) 463-0117 and respectfully urge her to quickly vote out HB 1056, and send it to the full Senate.
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