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House committee hears first testimony on bill to modernize treasurer statutes
Summary
The Ohio House Financial Institutions Committee held a first hearing on House Bill 278, a sponsor-driven package of nearly 30 statutory updates intended to modernize the Treasurer of State’s investment and deposit rules, clarify custodial responsibilities for pension funds, and simplify electronic payments and reporting.
The Ohio House Financial Institutions Committee conducted the first hearing on House Bill 278 on June 11, when sponsors and committee members discussed a package of modernization changes to statutes governing the Treasurer of State.
Representative Ty Matthews, sponsor of House Bill 278, told the committee the bill “represents the next step in Ohio treasurer's ongoing efforts to modernize the office and align outdated laws with how financial operations work today.” He said the package was written to reflect a move from paper-based processes to streamlined electronic systems.
The bill would update nearly 30 code provisions, the sponsors said, including changes to how state funds are deposited into the OAKS system, adjustments to investment statutes, and technical corrections intended to make statutory language match current practices. Matthews said pending amendments would also “simplify reporting the treasurer's CPN program to avoid…
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