TN Constitutional Amendment To Allow State To Own Banks, Equities In Private Companies Fails In Senate
Image Credit: Tennessee Virtual Archive & Adobe Stock
The Tennessee Conservative [By Kelly M. Jackson] –
A resolution that has been referred to as one of, if not the most dangerous piece of legislation being pushed through in this session failed on the Senate floor in a vote of 17 Ayes, and 16 Nays.
Due to the fact this legislation is a resolution which would result in a constitutional amendment, 22 votes were required for passage.
SJR0034, sponsored by Senator Ferrell Haile (R-D18-Gallatin), 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.
As previously reported, the new legislation would give power to the state Treasurer and the Comptroller to take taxpayer dollars and use those to essentially purchase a portion of a company, or a bank.
Gary Humble of Tennessee Stands, a grassroots organization who has rallied against the legislation for months, said today in a video he released to social media that he is very pleased with the outcome, and that the bipartisan effort “saved the constitution of the state of Tennessee” and that there were “ 10 Republicans and 6 Democrats that came together with a belief that government should not own corporations, and that it is government’s job to protect liberty and not to generate revenue”.
Humble’s dire description of what it could look like if the state had the ability to own shares in private banks and businesses painted a bleak picture, he said:
“Imagine a constitutional amendment that would now allow Tennessee to invest funds with companies like Ford and the Titans and become legitimate shareholders where the success and failure of both the state and the corporate entities are inextricably linked. Imagine Tennessee being able to extend its credit to private companies like Facebook and Amazon. Consider a future where the state of Tennessee is now part owner in a bank that might underwrite your small business loan…. The Treasurer and Comptroller of this state (an appointed, not elected position) would now have the sole authority (with no required legislative approval or vote of the people) to invest ALL of a state fund or trust (your tax dollars) giving the state the ability to become a 100% owner of any bank or corporation. Does that sound like Tennessee or China?”
The legislation has been re-referred to the Senate Calendar Committee, which according to the rules of the Senate is something that happens automatically when a piece of legislation doesn’t pass with the constitutional majority.
The likelihood that it will be called back up to the Senate floor for a vote this session is likely slim. However, The Tennessee Conservative will continue to keep a watch on the legislation and report any new developments as they occur.
About the Author: Kelly Jackson is a recent escapee from corporate America, and a California refugee to Tennessee. Christ follower, Wife and Mom of three amazing teenagers. She has a BA in Comm from Point Loma Nazarene University, and has a background in law enforcement and human resources. Since the summer of 2020, she has spent any and all free time in the trenches with local grassroots orgs, including Mom’s for Liberty Williamson County and Tennessee Stands as a core member. Outspoken advocate for parents rights, medical freedom, and individual liberty. Kelly can be reached at kelly@tennesseeconservativenews.com.
