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Committee approves amendment to create Tennessee ‘precious metal fund’ and refers it to finance
Summary
House Bill 2361 establishes a Tennessee precious-metal fund to purchase bullion, convert it to coin or medallions via a Tennessee processor, retain reserves and allow limited public sales; committee added an amendment and voted 13–1 to send the bill to finance.
Chairman Hawk described HB 2361 as a rulemaking vehicle to allow the state treasurer to purchase bullion, contract with a Tennessee processor to convert bullion into coins or medallions, and hold $50 million as an asset under the treasurer’s control. "The treasurer would contract with a qualified Tennessee processor to convert bullion into metal and, or into coins and medallions. Ninety percent of these revenues would remain in reserves, and up to 10% could be sold to the public," Hawk said.
An amendment drafted with the treasurer’s office was added on the floor of the committee and the measure passed on a 13–1 voice vote recorded by the clerk. Sponsors said proceeds could in future support state programs, though no specific program allocations were set in committee. The bill was referred to the finance committee for further consideration.
