Bill > HB0439

This bill amends Tennessee state law to establish a new mechanism for the state to purchase, own, and manage precious metal bullion and coins. Specifically, the bill creates a restricted account within the state's existing reserve for revenue fluctuations account, allowing the state treasurer (with the comptroller's approval) to buy and sell precious metals. The bill defines "bullion" as precious metals formed into uniform shapes like bars or ingots, and "specie" as coins made of precious metals with uniform characteristics. The legislation permits an initial transfer of between 1-3% of the reserve account's funds into this new restricted precious metals account, with potential annual adjustments. The bill provides detailed provisions for how these precious metals will be purchased, stored, and managed, including requirements for secure maintenance, independent auditing, and confidentiality of certain transaction details. Additionally, the bill declares that precious metal coins can be considered legal tender in Tennessee, though no person can be compelled to accept them, and the state may optionally accept them for tax or fee payments. The overall intent appears to be providing the state with more financial flexibility and a potential hedge against economic fluctuations by allowing investment in physical precious metals.

Budget and Finance

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0439&ga=114