Sub Demo()
' Note: A VBA reference to the MS Forms Object Library is required. See Tools|References in the VBE.
Dim MyData As DataObject: Set MyData = New DataObject
MyData.SetText "My Text String": MyData.PutInClipboard
End Sub

Sub ColorRGBText()
OPT = InputBox("Get Color[1], Apply Color[2]", "Color Management", "1")
If OPT = 1 Then
'MsgBox Selection.Font.TextColor.RGB
MyColor = Selection.Font.TextColor.RGB 'gets the color
Dim MyData As DataObject: Set MyData = New DataObject
MyData.SetText MyColor: MyData.PutInClipboard 'copies color code into ClBrd
End If
'When the macro is restarted and option 2 selected, the color code should be applied to a different text selection
If OPT = 2 Then Selection.Font.TextColor.RGB = MyColor 
End Sub

Sub ColorRGBText()
Dim myColor As String
Dim OPT As Long
Dim MyData As DataObject
    Set MyData = New DataObject
    OPT = InputBox("Get Color[1], Apply Color[2]", "Color Management", "1")
    If OPT = 1 Then
        'MsgBox Selection.Font.TextColor.RGB
        myColor = Selection.Font.TextColor 'gets the color`
        MyData.SetText myColor
        MyData.PutInClipboard 'copies color code into ClBrd
    End If
    'When the macro is restarted and option 2 selected, the color code should be applied to a different text selection
    If OPT = 2 Then
        MyData.GetFromClipboard
        myColor = MyData.GetText(1)
        If myColor <> "" Then
            Selection.Font.TextColor = myColor
        Else
            MsgBox "Color has not been selected"
        End If
    End If
End Sub