State Sen. Bill Ketron is pushing for Tennessee to study whether the state should create its own currency in the event of a breakdown of the Federal Reserve.
Depending on the perspective, Ketron's proposal is either a harmless step toward safeguarding the state in the event of national financial calamity, or proof that the Republican-led General Assembly is distracting itself from the task of creating jobs and improving the economy.
Ketron has filed a joint resolution to create a committee that would study whether Tennessee should adopt a currency as an alternative to the federal dollar in the event of a "major breakdown" of the Federal Reserve.
The proposal is part of a burgeoning movement on the part of conservative lawmakers to begin preparing for a worst-case scenario in which the Reserve collapses. Ketron's legislation mirrors almost word-for-word bills filed in South Carolina and Virginia, which passed the law earlier this year.
The Utah House of Representatives passed legislation approving gold and silver as legal tender. A Georgia lawmaker has proposed legislation that would force the state to conduct its monetary transactions in gold or silver coins.
Ketron, R-Murfreesboro, said he got the idea from the legislation filed in other states.
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