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Committee hears bill to let local units seek higher CD returns beyond local banks; banks and credit unions raise concerns
Summary
House Bill 1523 would remove statutory territorial limits that require many counties, school corporations and libraries to invest public deposits only with local banks and credit unions; proponents say it will increase yields, opponents say it risks diverting deposits from local lending.
House Bill 1523, which would relax territorial restrictions on where certain local units of government may place certificate-of-deposit (CD) investments, drew mixed testimony at the House Financial Institutions Committee. Proponents said the change would allow county treasurers, school corporations and libraries to seek higher returns and thereby increase funds available for local services; bankers and credit unions urged preserving the preference for local depositories to keep deposits circulating in the community.
Representative Pierce presented the bill and described the current statutory regime: units such as counties, libraries and school corporations are generally required…
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