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House Financial Institutions panel advances Treasury modernization bill; shifts some pension account duties
Summary
At a second hearing, the House Financial Institutions Committee adopted a substitute for House Bill 278 to modernize treasury statutes. The Ohio Treasurer's Office said the changes clarify custody of pension-related accounts, enable contracting flexibility, and add anti-fraud measures; lawmakers asked whether the change will apply to all pension systems.
The House Financial Institutions Committee on a second hearing adopted a substitute version of House Bill 278, the Treasury Modernization Bill, as the working document and heard proponent testimony from the Ohio Treasurer's Office.
By unanimous consent the committee accepted substitute bill 1053-5 as the working document after Vice Chair Pazuli moved to adopt it and the chair seconded. The measure, as presented, updates roughly 40 code sections that the treasurer's office says are out of step with current operations.
Zach Prouty, deputy chief of staff for the Ohio Treasurer's Office, told the committee the office is the state’s banker and chief investment officer and outlined the agency’s scale and responsibilities. "I'm here today, obviously, to give proponent testimony for House Bill 278, our Treasury Modernization Bill," Prouty said. He said the…
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