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House committee of the whole advances bill letting local governments invest in equities; lawmakers debate risk and oversight
Summary
Senate File 145 passed the committee of the whole after lawmakers adopted a standing committee amendment that requires local governments to establish an investment board; debate centered on risk, fiduciary responsibility, and whether smaller jurisdictions should use state pooled investment options instead.
The House advanced Senate File 145 out of the committee of the whole on Feb. 24. The bill would allow local governments (counties, cities and special districts) to invest public funds in equities and mutual funds subject to investment policies adopted by the State Loan and Investment Board and other statutory limits; the standing committee amendment requires local governments to establish an investing board.
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