June 12, 2017

Texas Comptroller Glenn Hegar Announces Administrator of Newly Created Texas Bullion Depository

(AUSTIN) — Texas Comptroller Glenn Hegar announced today that Tom Smelker, director of Treasury Operations, has been named administrator of the future Texas Bullion Depository.

Smelker will oversee the depository and work closely with the vendor ultimately selected to build and operate the depository. Smelker brings nearly 30 years of experience with the State Treasury to his new role, including 10 years serving as director of Treasury Operations.

"Tom was the clear choice for this position, and I am grateful he has once again answered the call to service," Hegar said. "I am confident he will provide the leadership necessary to make the Texas Bullion Depository a success. Tom's extensive knowledge of the inner workings of state government and the legislative process, combined with his deep understanding of the state's finances and financial systems, give him a unique skillset that I believe will provide tremendous value to this historic endeavor."

Smelker was tapped by former Texas Comptroller Susan Combs to examine the idea of a state-owned depository, originally proposed in legislation introduced in 2013. That legislation never passed, but when its current iteration began working its way through the Texas Legislature in 2015, Smelker was again called upon to research and evaluate the agency's role as envisioned by House Bill 483.

"Tom has been involved in this from the beginning," Hegar said. "He's been an integral part at every step of the process, so this is really an extension of a job he's been doing since the legislation first started moving through the Legislature."

As director of Treasury Operations, Smelker oversees the day-to-day functions of the State Treasury, which receives and processes state agency deposits averaging more than $500 million daily, pays more than 3 million state warrants annually and manages 530 bank accounts.

"I am honored to have been asked to serve as the first administrator of the first ever state-run gold bullion depository," Smelker said. "I'm looking forward to meeting the challenges ahead and creating a safe and secure facility where Texans and Texas businesses can store their gold."

Smelker is a graduate of the University of Texas and holds the professional certification of Certified Cash Manager. He is a past president of the Austin Association for Financial Professionals and current member of the International Precious Metals Institute.

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