At a time when inflation continues to eat away at savings and federal monetary policy grows increasingly reckless, Texas lawmakers have a chance to take a bold stand for financial freedom. House Bill 1056 (HB 1056) by Rep. Mark Dorazio (R-San Antonio) offers Texans a practical tool to safeguard their wealth—one backed not by promises from Washington, but by real, tangible value. But with the clock ticking down, this important bill is now in serious jeopardy.

HB 1056 would allow the Texas Comptroller to create a new currency backed by gold and silver held in the state’s own Texas Bullion Depository. Texans would be able to exchange U.S. dollars or existing precious metals for units representing fractions of troy ounces of gold or silver. These units could then be used in everyday transactions, redeemed for physical metal, or converted back into cash. In short, the bill makes gold and silver legal tender in Texas and gives Texans a practical alternative to the volatile fiat currency issued by the federal government.

This is the kind of innovation we should be cheering. HB 1056 empowers individuals and the free market—not bureaucrats. It offers a stable, inflation-resistant store of value at a time when the dollar is losing its purchasing power. And it does all of this while making smart use of an existing asset: the Texas Bullion Depository, which has remained largely underutilized since its creation in 2015.

Importantly, this isn’t just some symbolic gesture or theoretical exercise. HB 1056 has real teeth. It passed the Texas House on May 2nd with strong Republican support (89-45), then moved to the Senate where it was heard in the Finance Committee chaired by Sen. Joan Huffman (R-Houston). On May 23rd, the bill cleared that committee with a 9-6 vote, a sign that momentum was building despite opposition from some corners.

But now, the bill sits on the edge of a cliff.

HB 1056, sponsored by Sen. Bryan Hughes (R-Mineola), was added to the Senate Intent Calendar on May 27th, just one day before the final deadline for the Senate to pass all bills on second and third reading. That means the full Senate must act by the end of the day on May 28th—or this legislation dies, not from defeat, but from delay.

And make no mistake: there’s pressure to let it die. Word around the Capitol is that powerful special interests—bankers and others who benefit from the current system—are working behind the scenes to keep this bill from even having a vote. They know that HB 1056 gives everyday Texans more control over their money and reduces dependence on a system they’ve long dominated.

But Texans didn’t send their senators to Austin to protect the status quo. They sent them to fight for liberty, for transparency, and for policies that put people first.

This is not just about gold or silver. It’s about giving Texans the tools to protect themselves in an uncertain economy. It’s about financial sovereignty. It’s about choice. The Senate must not let special interest rob Texans of this opportunity.

Time is running out. Senators must act now—bring up HB 1056 on the floor and pass it. Texans deserve sound money and a secure future. Let’s give it to them.

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