Tennessee Senate Bill SB0167

Tennessee 2025-2026 Regular Session

• Introduced: 1/15/25

Caption

AN ACT to amend Tennessee Code Annotated, Title 9, Chapter 4, relative to a facility to produce a wide range of precious metal products.

Impact

The implementation of SB0167 will have significant implications for state laws concerning the production and trading of precious metals. The facilities established under this bill will be designed to ensure secure and identifiable bullion production, thereby fostering trust among buyers. It creates new opportunities for economic activity within the state by allowing for the local manufacture of gold and other precious metal products. Moreover, it will position Tennessee strategically within the precious metal market by streamlining production and procurement processes through designated contractors as outlined in the bill.

Summary

Senate Bill 167 aims to establish a facility for the production of a range of precious metal products, specifically focusing on creating gold and precious metal bullion. The bill amends Title 9, Chapter 4 of the Tennessee Code Annotated to define necessary terms and outline the responsibilities of the state treasurer regarding the operation of this facility. This new designation as the 'Tennessee Mint' will allow for the secure production and sale of bullion products, enhancing state control over these precious metals and enabling residents to purchase them reliably. Additionally, it will create a framework for capital improvements and activities essential for running this mint facility.

Sentiment

The sentiment surrounding SB0167 appears generally positive among proponents who view it as a valuable opportunity for economic growth and state revenue enhancement. Supporters argue that creating a dedicated mint could boost local jobs and generate additional tax revenue. However, there may also be concerns regarding the environmental and economic implications of establishing new production facilities. Therefore, while many view the bill favorably for its potential benefits, there are some cautionary voices regarding its broader implications.

Contention

As SB0167 moves forward, discussions may arise surrounding the selection process for the eligible entities designated to carry out the mint's operations. Given the bill's criteria for eligibility, those entities must have substantial experience with government contracts, which may limit the pool of candidates. This centralization of authority could lead to debates concerning transparency and the equitable distribution of opportunities among local manufacturers. Similarly, the stipulations regarding public contracts under the procurement requirements could become contentious points as stakeholders seek to influence the outcome.