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Senate passes bill modernizing public‑fund depository rules and lifting 20% investment cap for Oregon banks
Summary
The Senate on May 7 passed House Bill 2971‑A to update definitions of bank net worth for public‑fund depositories and remove a 20% cap on certain out‑of‑state municipal investments, aiming to align state law with federal capital frameworks.
The Oregon State Senate on May 7 gave final passage to House Bill 2971‑A, a measure revising statutory definitions of depository net worth and removing an outdated 20% cap that limited state‑chartered banks’ investments in obligations of other U.S. states and local public bodies.
Sponsors told the chamber the change modernizes state law to align with federal regulatory capital frameworks and provide Oregon banks greater flexibility to diversify assets. "These changes will help…
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