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Committee weighs expanding local governments' investment options beyond Georgia Fund 1
Summary
HB 871 would allow local governments to invest in additional liquidity options — including money market funds and additional local government investment pools — a change supporters say would increase diversification; the state treasurer and banking groups warned it risks oversight gaps and could divert local bank deposits. Committee held a hearing and took testimony.
Chairman Anderson introduced House Bill 871, a committee substitute proposing limited additions to the set of investments local governments in Georgia may hold. The substitute would permit three additional liquidity vehicles: money market funds, additional local government investment pools (LGIPs) created through interlocal agreements, and certain repurchase/reinvestment vehicles, and it would create a management board for any trust established under the bill.
State Treasurer Steve McCoy told the committee that Georgia Fund 1 has been in place for decades as a…
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