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EDC reviews higher-yield Texas CLASS account use for reserves
5414989 · July 15, 2025
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Summary
Council members discussed the EDC’s use of a Texas CLASS (referred to as MBIA in the packet) account to earn higher interest on reserves; staff said the pooled account pays daily interest around 3% and requires pledged securities for amounts above FDIC limits.
The White House Economic Development Council reviewed Aug. 21 how it uses a Texas CLASS pooled account (listed as MBIA in the packet) to earn higher interest on reserves. Leslie (Finance staff) explained the MBIA label in the packet refers to the Texas CLASS investment…
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