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Sedgwick County staff weigh opposition to Kansas bill that would centralize collateral for municipal deposits
Summary
County officials discussed a proposed Kansas bill that would create a centralized collateral pool for public deposits, heard concerns about potential lower returns for local governments and agreed to coordinate testimony to the state committee.
Sedgwick County officials discussed a proposed Kansas bill that would centralize collateral for public deposits and considered filing opposition testimony with the Kansas Senate Committee on Financial Institutions and Pensions.
The discussion centered on a provision to create a centralized collateral pool monitored by the state treasury rather than having each county or local government accept pledged collateral from individual banks. An unidentified staff member said, "they think that the focus of this is more on the collateralization because our deposits are collateralized if they exceed FDIC insurance limits. And they wanna create a centralized collateral pool ... and I'm not sure how that would work, but it would kinda shift that to the state treasury to monitor that." The staff member…
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