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The Tennessee Conservative [By Jason Vaughn] –
The Senate Judiciary Committee is scheduled to consider an amendment to the state constitution that would allow states to own banks and equity in private companies.
SJR0034 was filed by Senator Ferrell Haile (R-Gallatin-District 18). It proposes an amendment to Article II, Section 31 of the Constitution of Tennessee “authorizing the governing body or state official charged with carrying out the purpose or objectives of a fund or trust that is administered or invested by the Treasury and that contains state funds, in whole or in part, to adopt, with approval of the Treasurer and the Comptroller of the Treasury, an investment policy to authorize all or part of such fund or trust to be invested such that the state would become an owner, in whole or in part, of any bank or a stockholder with others in any association, company, or corporation.
Essentially, the amendment would give the state treasurer and Comptroller to use taxpayer money to purchase all or part of a bank or private company. Those who are pushing for this legislation claim that the financial dividends paid out would be profitable for the state.
However, those opposed warn that this amendment could lead to too much entanglement between the government and private businesses, leaving the state dangerously close to mimicking the governmental practices of countries like China.
To change the state constitution, a proposed amendment must be passed in two consecutive legislation sessions and then be placed on the ballot in the next year. This amendment already passed in the last session as SJR913, so if it passes this one as well, it will be placed on the 2024 ballot.
If you would like to express your opposition to this constitutional amendment, please contact the members of the committee as listed below prior to their March 21st meeting.
Senate Judiciary Committee Members
Todd Gardenhire (Chair) (R)- sen.todd.gardenhire@capitol.tn.gov – (615) 741-6682
Dawn White (Vice-Chair) (R)- sen.dawn.white@capitol.tn.gov – (615) 741-6853
Paul Rose (2nd Vice-Chair) (R) – sen.paul.rose@capitol.tn.gov – (615) 741-1967
Sara Kyle (D) – sen.sara.kyle@capitol.tn.gov – (615) 741-4167
London Lamar (D) – sen.london.lamar@capitol.tn.gov – (615) 741-2509
Jon Lundberg (R)- sen.jon.lundberg@capitol.tn.gov – (615) 741-5761
Kerry Roberts (R) – sen.kerry.roberts@capitol.tn.gov – (615) 741-4499
John Stevens (R)- sen.john.stevens@capitol.tn.gov – (615) 741-4576
Brent Taylor (R) – sen.brent.taylor@capitol.tn.gov – (615) 741-3036
About the Author: Jason Vaughn, Media Coordinator for The Tennessee Conservative ~ Jason previously worked for a legacy publishing company based in Crossville, TN in a variety of roles through his career. Most recently, he served as Deputy Director for their flagship publication. Prior, he was a freelance journalist writing articles that appeared in the Herald Citizen, the Crossville Chronicle and The Oracle among others. He graduated from Tennessee Technological University with a Bachelor’s in English-Journalism, with minors in Broadcast Journalism and History. Contact Jason at news@TennesseeConservativeNews.com
