Bill > HB2804

This bill authorizes the Tennessee state treasurer, with the approval of the comptroller of the treasury, to use funds from the reserve for revenue fluctuation account to purchase precious metals bullion (gold, silver, platinum, or palladium) and hold it in a restricted account. The bill also declares that specie (refined precious metal bullion) may be used as legal tender in Tennessee, and requires governmental entities to accept specie as payment for any debt, tax, fee, or obligation owed. The bill aims to allow the state to hold a minimum of 3% of the total value of the reserve for revenue fluctuations account in precious metals as a hedge against economic uncertainty.