Bill > SB1812

This bill, known as "The Mint Act," establishes a dedicated "precious metals fund" administered by the state treasurer to acquire, convert, store, and sell precious metals like gold and silver, referred to as "bullion" (raw form) and "specie" (finished coins or medallions). The act appropriates $50 million in fiscal year 2027 for these purposes, with the state treasurer tasked with contracting with a Tennessee-based company to convert bullion into specie within a year, prioritizing companies with extensive experience. The treasurer is authorized to sell up to 10% of the converted specie to residents of Tennessee and other states to establish the value of Tennessee-made bullion, with sales to Tennessee residents being a priority. The remaining 90% of the specie will be held by the state as a long-term hedge against inflation and economic instability. The treasurer will also oversee security, accounting, and reporting for the fund, and submit an annual report to the general assembly detailing fund activities, with certain sensitive information related to security and procurement kept confidential. Expenses for the fund's operations will be paid from the precious metals fund itself, and any remaining funds will carry over to the next fiscal year.

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https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB1812&ga=114