Bill > SB0168

This bill amends Tennessee state law to create a new mechanism for purchasing and managing precious metal bullion and specie (coins) within the state's financial system. Specifically, the bill establishes a restricted account within the state's existing reserve for revenue fluctuations account, which will allow the state treasurer, with the comptroller's approval, to purchase and sell precious metals. The initial transfer to this account will be between 1% and 3% of the total funds in the reserve account as of July 1, 2025, with potential additional transfers in subsequent years. The bill defines precious metals as gold, silver, platinum, and palladium, and provides detailed guidelines for procurement, custody, and management of these assets. It also declares precious metal coins as legal tender in Tennessee, though no person can be compelled to use them, and the state is not required to accept them for tax or fee payments. The bill includes provisions for confidentiality of records related to these precious metal transactions and allows the state treasurer to transact in precious metal coins through physical, electronic, or written means. The new provisions aim to provide the state with additional financial flexibility and potentially hedge against economic volatility by investing in precious metals.

Budget and Finance, Business and Industry

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0168&ga=114