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Committee weighs allowing counties, schools and libraries to seek higher CD rates beyond local banks; stakeholders split
Summary
House Bill 1523 would remove a territorial restriction that generally requires counties, most school corporations and library districts to invest public deposits at banks with a brick-and-mortar presence inside their jurisdiction and would add a retroactive safe harbor for investments made since 2018.
House Bill 1523, heard Thursday by the House Financial Institutions Committee, would remove a territorial restriction that generally requires counties, most school corporations and library districts to invest public deposit certificates (CDs) at financial institutions with a brick-and-mortar presence inside the governmental unit’s boundaries. The bill also contains a retroactive safe harbor provision to protect investments made since 2018.
Representative Pierce, the bill sponsor, said the provision is intended to give local fiscal officers broader access to competitive CD rates statewide in markets where consolidation has left few local options. "If somebody will offer us 5% and I can only get 2% at home, seems like we ought to get the…
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