A state bullion depository would not only create a safe place to store precious metals; it would increase the state's financial independence. It could also facilitate the everyday use of gold and silver in financial transactions in Tennessee and set the stage to undermine the Federal Reserve's monopoly on money.

Sen. Paul Rose (R) sponsored Senate Bill 279 (SB279) and Rep. Bud Hulsey (R-Kingsport) carried the companion bill in the House — House Bill 353 (HB353). The new law requires the Tennessee advisory commission on intergovernmental relations (TACIR) to study the feasibility of creating a state gold depository, including whether other states or jurisdictions have created a gold depository, and to report its findings to the speakers of the senate and house of representatives no later than January 1, 2022.

The Tennessee Senate passed SB279 by a 32-0  vote. The House approved the measure 90-0. Gov. Lee signed the bill on May 27.

This takes a long-awaited second step toward creating a bullion depository in Tennessee. In, 2016 Gov. Bill Haslam signed HJR516, a resolution in support of creating a state gold bullion depository. Both houses of the legislature passed the measure unanimously. Passage of this new, five years later, finally takes a second step forward in the pursuit of sound money.

Tennessee could follow the lead of Texas.