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Committee approves bill to extend state oversight of local government investment pools
Summary
The committee passed LC 620295, which would require state review and approval of local government investment pools offered to other public entities and extend reporting and audit protections for pooled local funds. Treasurer testimony emphasized existing safeguards and the program's large scale.
The Banking Committee unanimously approved LC 620295 after hearing from treasury staff that the measure would place any locally created investment pools that are marketed to other public entities under state depository-board review.
Treasury testimony described the existing local government investment pool (LGIP) used voluntarily by cities, counties and institutions: "we…
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