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Long Beach council hears details on new municipal bank marketplace; controller to post budget reports
Summary
Councilors questioned a proposed move into Metropolitan Commercial Bank’s Demand Deposit Marketplace program, pressing for transparency on monthly budget reports and how the city would manage transfers; bank representative said the account is daily‑liquid with a reported money‑market yield of 4.80%.
Long Beach officials on Nov. 19 heard a presentation from the city controller and a representative of Metropolitan Commercial Bank about a proposed demand‑deposit marketplace program the city would be authorized to use.
Controller Ina Resnick introduced the item as a way to diversify short‑term liquidity; the bank representative, Denny Tetz (identified in the meeting), told the council the money‑market portion of the proposed program currently yields about 4.80 percent and that the account is fully liquid and tied to actions by the Federal Open…
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