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Bill to give local governments wider pool for CD investments draws mixed reactions; held for changes
Summary
Indianapolis — The House Financial Institutions Committee on Wednesday heard testimony for House Bill 1523, which would remove territorial limits that in many cases require counties, school districts and libraries to invest public deposits at local, brick-and-mortar depositories, but the measure was held for further negotiation.
Indianapolis — The committee heard competing testimony on House Bill 1523, which would allow some local units of government to invest public deposits outside the current territorial limits that favor brick-and-mortar depositories within a unit's boundaries. The bill was held for more negotiation.
Representative Pierce introduced the measure by describing it as an effort to "allow local units of government more flexibility in their investment opportunities, resulting in higher potential financial returns that can help result in stronger financial positions for communities and less dependency on Hoosier tax dollars." He said cities and towns are already exempt and the bill would apply principally to counties, school corporations and libraries.
Supporters argued that consolidation in the banking industry and a…
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