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Subcommittee approves bill recognizing gold and silver as voluntary legal tender
Summary
HB2427, as amended, would recognize gold and silver as optional legal tender, allow state‑authorized private bullion depositories, and enable debit‑card spending backed by gold; proponents argued it expands consumer choice and hedging options, while opponents warned of government intervention in private markets. The subcommittee advanced the bill 7–0 to Commerce.
House Bill 2427, presented by Chairman Williams, would recognize gold and silver as voluntary legal tender, create a framework for state‑authorized private bullion depositories and payment processors, and enable transactional use of precious metals via debit‑card conversions to dollars at market price.
Proponents including Laurie Bolton and Mike Carter said the measure expands access to inflation hedging for ordinary Tennesseans and allows purchases in small denominations. "This bill gives the average Tennessean access to gold and silver as a hedge while allowing it to be used easily through a debit card," Laurie Bolton said. Opponents such as JP Cortez and Kim Coleman argued the amended bill creates state programs and regulatory burdens that could pick winners and expose the state to litigation; they urged reliance on private market solutions. The committee voted 7–0 to move HB2427 to Commerce.
