House Bill 1479, introduced by Rep. Bud Hulsey, passed out of the House of Representatives on Monday with a 98-0 vote. A week later, the same bill received a 33-0 vote in the Senate.
In an exclusive comment to the Sound Money Defense League, Rep. Hulsey said, “Gold and silver have been real currency for the past 5,000 years. [Passing HB 1479] not only provides a hedge for the State, but gives us varied options while facing a shrinking dollar and the threat of CBDC’s.”
Passing with strong grassroots support and backing from the Sound Money Defense League and Money Metals Exchange, the bill defines “bullion” and “specie” and provides that “subject to appropriation, the state treasurer may purchase and sell gold or precious metal bullion or specie that will be directly owned by the state, and in the custody of the state treasurer.”
Additionally, the twin bills would allow the state treasurer to “make and enter into contracts, trust instruments, agreements, and other instruments with a person to effectuate this section, including, but not limited to, financial institutions, accountants, auditors, attorneys, consultants, and other contractors.”
Lastly, the measure calls for “physical gold and precious metal purchased under these acts to be custodied by the state treasurer in a state depository, and maintained in a vault within the state depository’s banking facilities in accordance with accepted industry standards for secure storage, and within the geographical boundaries of Tennessee.”
States that help set up the infrastructure to protect state funds with the monetary metals will help further to bring gold and silver into use as an alternative to the inflationary paper-money system, as well as buttressing state funds, many of which are invested in risky paper assets.
Rep. Hulsey continues to be a powerful voice for sound money in Tennessee, earning him the 2022 Sound Money Legislator of the Year award last year for his tireless work on eliminating Tennessee’s state sales tax on gold and silver.
After ending the state sales tax on gold and silver, Tennessee shot up the 2023 Sound Money Index rankings to earn a 9th place finish. Tennessee also recently ended its state income tax on sale of all capital assets, including gold and silver.
Jp Cortez is the Policy Director for the Sound Money Defense League, a non-partisan, national public policy group working to restore sound money at the state and federal level and publisher of the Sound Money Index.