Tennessee SB0985 establishes a state reserve banking system, authorizes bullion depositories, and mandates the acceptance of gold and silver coinage.

Tennessee SB0985 amends various sections of Tennessee Code to establish a state reserve banking system supporting state-chartered banks. It authorizes the creation of precious metals depositories, which can serve as custodians for bullion and specie deposited by the state, political subdivisions, or other entities. The bill mandates that gold and silver coinage be accepted as legal tender in the state, with the value attributed to the reserve for revenue fluctuations.

Tennessee SB0985 establishes a state reserve banking system, authorizes bullion depositories, and mandates the acceptance of gold and silver coinage.

Tennessee SB0985 amends various sections of Tennessee Code to establish a state reserve banking system supporting state-chartered banks. It authorizes the creation of precious metals depositories, which can serve as custodians for bullion and specie deposited by the state, political subdivisions, or other entities. The bill mandates that gold and silver coinage be accepted as legal tender in the state, with the value attributed to the reserve for revenue fluctuations.