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SB 0157 - Depositories of Public Funds - Reciprocal Deposits
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Tracking Level: Support
Sponsor: John Kennedy
Last Action: 5/2/2019 - Effective Date
Senate Committee: Banking and Financial Institutions
House Committee: Banks and Banking
Assigned To:
FinancingNext Bill
Larry RamseyNext Bill

Staff Analysis of the Legislation

This bill would allow local governments to deposit public funds into a "reciprocal deposit" program, under which the funds would be distributed to various banks and the funds in each bank would be insured to the FDIC limit. Detailed rules for the program would be developed by the State Depository Board.

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text

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