Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate committee hears sharp debate on bill to expand access to state money-management trust
Summary
Senators, Treasury officials and bankers sparred over Senate Bill 390, which would allow more state trust funds and local entities to use the State Money Management Trust. Treasury officials said participation is permissive and could boost the long-term reserve; bankers warned it could drain local deposits and raise risk and accountability concerns. The committee took no formal action.
A Senate committee on state agencies and governmental affairs heard nearly three hours of testimony Wednesday on Senate Bill 390, a measure that would make it easier for certain state trust funds, universities, counties, cities and school districts to place cash with the State Money Management Trust operated by the state treasurer.
Senator Tammy Hammer, the bill sponsor, said the measure is permissive and designed to "remove barriers" that currently prevent some trust funds from earning higher returns through the Treasury's pooled money-management program. He told committee members that increased returns would grow the state's long-term reserve fund and improve bond ratings. "We're just asking to put another tool in the toolbox,"…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
