Tennessee 2023-2024 Regular Session

Tennessee Senate Bill SB2601

Caption

AN ACT to amend Tennessee Code Annotated, Title 8, Chapter 5 and Title 45, relative to the creation of a bullion depository.

Impact

The bill amends existing Tennessee Codes to define the roles and responsibilities around the bullion depository, establishing it under the oversight of the state treasurer. This means the state treasurer has full control over the assets stored within the depository, ensuring strict security and management protocols are maintained. The depository is also designed to operate without using state funds for construction or maintenance, ensuring its financial independence.

Summary

SB2601, known as the Tennessee Bullion Depository Act, proposes the establishment of a state-operated bullion depository in Tennessee. This depository will serve as a custodian and guardian of certain precious metals, including gold and silver, which may be transferred to the state or acquired by state agencies. The depository is intended to facilitate the safe storage, management, and potential transaction of precious metals, enhancing Tennessee's financial services and enabling residents and businesses to securely manage their bullion assets.

Contention

While the bill appears to have practical motivations, concerns could arise regarding the implications of having a state-run financial institution managing private assets. Critics may argue about the efficiency, costs, and potential risks associated with state oversight of such sensitive financial materials. The potential for increasing regulations around precious metal transactions could generate debate among stakeholders, particularly those in the financial sector who may feel competition from a state-backed entity.

Companion Bills

TN HB2799

Crossfiled AN ACT to amend Tennessee Code Annotated, Title 8, Chapter 5 and Title 45, relative to the creation of a bullion depository.

Previously Filed As

TN HB2799

AN ACT to amend Tennessee Code Annotated, Title 8, Chapter 5 and Title 45, relative to the creation of a bullion depository.

TN SB0150

AN ACT to amend Tennessee Code Annotated, Title 8; Title 9; Title 45; Title 47; Title 48 and Title 67, relative to depositories.

TN HB1480

AN ACT to amend Tennessee Code Annotated, Title 8; Title 9; Title 45; Title 47; Title 48 and Title 67, relative to depositories.

TN SB0985

AN ACT to amend Tennessee Code Annotated, Title 9; Title 45, Chapter 2 and Title 67, relative to precious metals.

TN SB0311

AN ACT to amend Tennessee Code Annotated, Title 5; Title 6; Title 7; Title 9; Title 38; Title 45 and Title 67, relative to precious metals.

TN SB1351

Oklahoma Bullion Depository; creating the Oklahoma Bullion Depository in the Office of the State Treasurer; stating procedures and duties. Effective date.

TN HB1044

Mississippi Bullion Depository; establish.

TN HB1661

Mississippi Bullion Depository; establish.

TN HB1042

Mississippi Bullion Depository; establish.

TN SB0168

AN ACT to amend Tennessee Code Annotated, Title 9, relative to precious metals.

Similar Bills

MS SB2082

Mississippi Bullion Depository; establish in State Treasury.

MS SB2785

Mississippi Bullion Depository; establish in State Treasury.

TX HB483

Relating to the establishment and administration of a state bullion depository; authorizing fees.

TX SB989

Relating to the establishment and administration of a state bullion depository; authorizing fees.

MI HB6214

State finance: other; office of the Michigan bullion depository and Michcoin act; create. Creates new act.

TX SB2173

Relating to the operation and administration of the Texas Bullion Depository; depository agents; and to the appropriation of money from the fees, charges, penalties, and other amounts related to the depository and deposited to the general revenue fund for that purpose.

TX HB3169

Relating to the operation and administration of the Texas Bullion Depository, to depository agents, to the appropriation of money from the fees, charges, penalties, and other amounts related to the depository and deposited to the general revenue fund for that purpose, and to the provision of a related ad valorem tax exemption.

MI HB4086

State finance: other; office of the Michigan bullion depository and Michcoin act; create. Creates new act.