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Gov. Perry: Texas wants its gold back from the Federal Reserve

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Texas Gov. Rick Perry told Glenn Beck on his radio show last week that he wants the state's $1 billion in gold reserves back from the Federal Reserve.

State Rep. Giovanni Capriglione is sponsoring a bill that would establish the Texas Bullion Depository, a state-based bank to house the gold bars owned by the University of Texas Investment Management Company, The Texas Tribune reports.

Mr. Capriglione told the Texas Tribune that the measure is "not about putting Texas on its own gold standard, [but instead will] give the state a reputation as being more financially secure in the event of a national or international financial crisis."

Mr. Perry said his state was "in the [legislative] process" of "bringing gold that belongs to the state of Texas back into the state."

"If we own it," the governor said, "I will suggest to you that that's not someone else's determination whether we can take possession of it back or not."

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