I wrote about this last year and began ringing the alarm bells in August 2022. Last year, the 112th General Assembly passed a resolution that proposes a constitutional amendment to Article II, Section 31 that would now allow the state of Tennessee to become shareholders (owners) in private banks and private corporations.
If this bill (SJR0034) sponsored by Sen. Ferrell Haile passes, it will be put on the general election ballot in 2026. And there will be millions of dollars spent by corporations, the World Economic Forum, the Chamber of Commerce, and the like stating what a great deal this is because it will give the state of Tennessee a greater rate of return on its investsments. And that very well might be true.
But the question we should all be asking is, should the state own a private corporation? What could possibly go wrong?