Tennessee Creates State Gold and Silver Reserve
On March 23, 2023, Tennessee Governor Bill Lee signed a bill into law that lays the groundwork for creating a state reserve to purchase, sell, and hold precious metals such as gold and silver. According to Mike Maharrey of the Tenth Amendment Center, such a move would grant Tennessee ability to “achieve more financial independence with gold and silver reserves, and could help undermine the Federal Reserve’s monopoly on money.”
State Representatives Bud Hulsey and Monty Fritts put forward House Bill 1479, while State Senators Frank Nicely and Adam Lowe sponsored the Senate companion bill — Senate Bill 529. The new law grants the state treasurer the power to “purchase and sell gold or precious metal bullion or specie that will be directly owned by the state.”
Under this legislation, precious metal bullion is defined as “metals that are formed into uniform shapes and quantities such as ingots, bars, or plates, with uniform content and purity, as are suitable for or customarily used in the purchase, sale, storage, transfer, and delivery of bulk or wholesale transactions in precious metals.” Similarly, under this legislation, specie is defined as “a precious metal stamped into coins of uniform shape, size, design, content, and purity, suitable for or customarily used as currency, as a medium of exchange, or as the medium for purchase, sale, storage, transfer, or delivery of precious metals in retail or wholesale transactions.”
On paper, HB1479’s enactment grants the Tennessee state government the power to hold reserves of gold, silver, platinum, and palladium coins and bars.
On March 6, the House passed HB1479 by an overwhelming 98-0 vote. On March 13, the Senate swapped the House bill for SB529 and approved the measure by a 33-0 vote. With Lee signing the bill, it went immediately into effect.
There is other legislation in the Tennessee legislature that would create a state gold bullion depository. However, the legislation was punted for passage in 2024. With mass inflation now a reality in the US, Americans need to fight back against their economic illness. Politicians in DC are stuck on fiat money time, so the solutions will have to come from the states.
The fact is that most meaningful change will not come from the DC Swamp, which is thoroughly captured by the Big Government mindset. Instead, it will be red states that must take the lead and launch a nullification revolution against the federal government.