Tennessee House Bill HB0792

Tennessee 2023-2024 Regular Session

• Introduced: 1/30/23
• Refer: 2/2/23
• Refer: 2/28/23
• Refer: 3/8/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 9; Title 33; Title 37; Title 50; Title 63; Title 68 and Title 71, relative to children.

Impact

By creating this trust fund, HB 0792 changes how financial resources can be mobilized for child care initiatives in Tennessee. The fund is proposed to be financed through an initial deposit that could be supported by donations, federal contributions, and other relevant funding sources. This structure aims to promote localized support for child welfare and care services, potentially enhancing the capabilities of nonprofits and local governments in addressing children's needs. The legislation is expected to provide a more consistent financial base for these organizations, which are often dependent on fluctuating state and private funding.

Summary

House Bill 0792 aims to establish the First Lady's Children's Trust Fund Act in Tennessee, which creates a fund to support nonprofit organizations and local government agencies providing care for children. The bill outlines the operational framework for the trust, detailing the roles of trustees, including the state treasurer and comptroller, and the processes for managing the fund. The First Lady's Children's Trust Fund is designated to be an irrevocable trust, ensuring that the funds are allocated appropriately and used solely for the care of children across the state.

Contention

Discussions surrounding this bill may present various points of contention, particularly regarding the management and allocation of trust fund resources. There may be concerns about the reliance on donations and the ability of nonprofits to meet the criteria needed to access these funds. Additionally, opponents might raise issues about the trust's governance and the potential for bureaucratic overhead in managing fund resources as public expectations for accountability and transparency could clash with the operational needs of the trust. The bill emphasizes investing the trust's assets wisely, which could lead to debates on investment practices and priorities.