Subcommittee stalls bills to create state precious‑metals fund and depository after public testimony

Chairman Gino Hulsey’s paired bills to establish a Tennessee precious‑metals fund and an associated depository were sent behind the budget for further consideration after the subcommittee heard testimony and discussed substantial fiscal implications.

House Bill 4-39, as described by Chairman Hulsey, would create a state “precious metals fund,” define its purpose as a hedge against inflation, and outline how the Treasury would administer the fund and the source of seed money to establish a Tennessee mint. Hulsey told the committee the bills are “connected together” and that the first bill defines the fund and the mechanism for establishing a Tennessee mint.

The subcommittee heard a three‑minute testimony from J.P. Cortez, executive director of the Sound Money Defense League, who said several states have established similar reserves and argued gold and silver are highly liquid assets. “Since 2014, the Sound Money Defense League has worked across the country to re‑monetize gold and silver… Ohio, Wyoming, Utah have already established multi‑million‑dollar state reserves of physical gold,” Cortez said.

Committee members repeatedly noted the proposals carried a “huge fiscal note.” After testimony and brief discussion the committee placed House Bill 4-39 and the related House Bill 4-40 behind the budget for further fiscal review. An amendment (drafting code 6925) was filed to House Bill 4-39 and added earlier in the meeting; that amendment was considered on the record before the committee took testimony.

The subcommittee did not vote to defeat or approve the bills; the record shows they were held for additional budget work. Committee members indicated they would solicit fiscal analyses and return when staff and fiscal notes were available.