According to the Legislative Budget Board (LBB), HB 1056 is projected to have a negative net impact of approximately $5.54 million to General Revenue through the 2026–2027 biennium, with recurring annual costs of around $2.77 million thereafter. These costs stem primarily from staffing, legal, and technology requirements needed to implement and maintain the gold and silver currency infrastructure envisioned by the bill​.

The Comptroller of Public Accounts would need to hire six full-time employees, including cybersecurity and program specialists, legal counsel, and IT personnel. These roles are critical to supporting the issuance, security, and redemption of gold- and silver-backed digital currency. The anticipated cost of these personnel is $769,000 annually. In addition, the Comptroller would require $1 million annually to secure expert legal counsel for ongoing compliance and regulatory concerns associated with establishing a parallel, asset-backed legal tender system. A further $1 million annually is assumed necessary to contract with a vendor for establishing the digital currency platform, though these costs may eventually be offset through user fees if a private contractor is identified and reimbursed accordingly​.

The bill authorizes the Comptroller to charge administrative fees for the issuance and redemption of the currency to help recoup expenses. However, the amount of revenue from these fees is currently indeterminate, making it difficult to project long-term net fiscal impacts. Notably, the value of currency issued would be based on the market value of the gold or silver at the time of issuance, and the physical metals held in trust would not be available for appropriation by the Legislature. This introduces volatility risks and asset management complexities​.

There is no anticipated fiscal impact to local governments, and the legislation does not make an appropriation but does establish the legal framework for future appropriations related to implementation. If effectively adopted and widely used, the currency could become self-sustaining through fee-generated revenue, though that outcome remains speculative at this time.

HB 1056 presents a compelling framework for the establishment of a gold and silver-backed currency in Texas, leveraging the Texas Bullion Depository and the constitutional allowance for states to issue gold and silver as legal tender. The bill addresses growing concerns over the declining purchasing power of the U.S. dollar and aims to provide Texans with a tangible, asset-backed alternative for storing and transacting value. As the bill author notes, Texans already invest heavily in precious metals, and HB 1056 enables practical use of those assets in everyday commerce, while also potentially activating a largely underutilized state institution​.

From a policy standpoint, the bill strongly supports individual liberty and financial autonomy by offering citizens a non-coercive option to participate in a parallel currency system. It bolsters personal responsibility and private property rights by ensuring all gold and silver used to back the currency is held in trust on behalf of individual holders, and not subject to legislative appropriation. The program is structured to be user-funded via transaction and redemption fees, aligning with the principle of limited government and reducing long-term fiscal reliance on general revenue. The preference for Texas-based vendors further supports in-state economic development and private enterprise​.

While the initial fiscal impact is estimated at $5.54 million over the 2026–27 biennium—primarily for staffing, legal services, and IT infrastructure—these costs may be partially or fully offset by fee-based revenue in the future. Given the scalability and voluntary nature of the system, these upfront investments appear proportionate to the policy benefits, especially in light of rising interest in alternative and decentralized financial systems​.

In total, HB 1056 is a strategic and principled proposal that aligns with multiple core liberty values while innovatively responding to economic instability. Texas Policy Research recommends that lawmakers vote YES on HB 1056.

• The bill enhances individual liberty by giving Texans a choice in how they store and use their wealth. Rather than relying solely on fiat currency (U.S. dollars), individuals can opt to transact using a state-sanctioned, gold- or silver-backed alternative. This respects a person's right to control their economic life and supports financial autonomy, especially for those concerned about inflation or the federal monetary system.
• By allowing individuals to convert and manage their own gold or silver holdings into spendable currency, the bill reinforces the principle that citizens are accountable for their own financial decisions. Participation is entirely voluntary, and users must bear the costs of acquiring bullion and managing their accounts—conditions that encourage prudent, informed engagement with the system.
• The bill permits the Comptroller to contract with private vendors (with preference for Texas-based companies) to implement and maintain the system. This public-private structure stimulates innovation, creates market opportunities in the precious metals and financial tech sectors, and invites entrepreneurial solutions for digital currency systems—all within a framework shaped by consumer choice and voluntary participation.
• HB 1056 is carefully designed to protect the ownership rights of participants. Gold and silver used to back the currency are held in trust, not owned by the state or subject to appropriation. Holders can redeem their metal or its dollar equivalent at any time. This ensures that wealth remains under individual control and that the state acts as a fiduciary, not an owner.
• While the bill creates a new administrative structure, it narrowly defines the Comptroller's responsibilities and funds the system through user fees rather than general taxation. It also restricts government discretion by codifying that all bullion is held outside the treasury and cannot be appropriated by the Legislature. This structure respects constitutional boundaries and minimizes bureaucratic expansion.

• SB 2002 (Same As)