Greg Abbott says a billion in bullion repatriating to Texas. Mostly False.

Texas Gov. Greg Abbott drew a Mostly False for his description of a new law creating a Texas Bullion Depository.
Texas Gov. Greg Abbott drew a Mostly False for his description of a new law creating a Texas Bullion Depository.

Texas Gov. Greg Abbott saluted legislation he signed into law by saying it repatriates $1 billion in gold bullion from the Federal Reserve to Texas.

Not so, we learned.

Abbott signed into law a proposal creating a Texas depository that could field bullion deposits. But the statute doesn’t repatriate any bullion. In addition, the only state entity we found with bullions in a bank has around $660 million in gold bullion (not $1 billion) and it's stored in a New York bank, not the Federal Reserve.

See the fact check here.