The bill would provide a road map for Tennessee to attract private trust companies from other states and to expand those currently in state through deregulation. The initiative would expand the number of clients that a private trust company can conduct business transactions with in Tennessee to empower them and to create jobs across the state.
Private trusts, also known as family trusts, are entities that provide trust and other fiduciary services to a single-family group.
The bill is the latest in a series of initiatives sponsored by Lynn, R-Mt. Juliet, in recent years that led to job growth and record-low unemployment rates in her community, as well as across all regions of Tennessee.
“I have fought to bring new jobs to District 57 throughout my time serving our men, women and families, and I am excited that House Bill 1818 will sustain our economic momentum,” said Lynn. “My colleagues and I remain committed to supporting sensible legislation that reduces government regulations and red tape. This will ensure that we are able to continue the creation of high-quality jobs that our residents strongly desire.”
As of early 2018, Wilson County had the fifth-lowest unemployment rate in the state at 2.9 percent.
Susan Lynn serves as the chair of the House Consumer and Human Resources Subcommittee. Lynn is also a member of the House Consumer and Human Resources Committee, House Finance Ways and Means and House Ethics Committee, as well as the Joint Fiscal Review Committee. She lives in Mt. Juliet and represents House District 57 in Wilson County.