Date: 03/20/2014
Final
BILL SUMMARY for HB14-1289
HOUSE COMMITTEE ON BUSINESS, LABOR, ECONOMIC, & WORKFORCE DEVELOPMENT
| Votes: View--> | Action Taken: |
| Refer House Bill 14-1289 to the Committee of the W | PASS |
03:29 PM -- HB14-1289
Representative McNulty presented House Bill 14-1289, concerning the reinvestment of unused governmental moneys held by a financial institution that are in excess of the amount insured by the Federal Deposit Insurance Corporation (FDIC) in accounts of other financial institutions. Under the Colorado Public Deposit Protection Act (PDPA), public funds deposited into bank deposit accounts (savings, checking, bank money-market, and certificate of deposit accounts) by any of the state's subdivisions must be insured by the FDIC. Any moneys invested in excess of the allowable FDIC-insured amounts are to be deposited by the bank into the certificates of deposit of another FDIC-insured bank. This bill specifies that moneys deposited in excess of the FDIC-insured amounts may be redeposited into FDIC-insured deposit accounts, rather than being redeposited into certificates of deposit. The bill also specifies the timing by which these transactions are to take place. Representative McNulty responded to questions from the committee.
The following individual testified on the bill:
03:43 PM -- Barbara Walker, representing the Independent Bankers of Colorado, testified in support of the bill. Ms. Walker explained the PDPA and responded to questions from the committee.
03:51 PM
Representative McNulty made closing remarks on the bill.
 | |
| BILL: | HB14-1289 | |
| TIME: | 03:51:27 PM |
| MOVED: | Holbert |
| MOTION: | Refer House Bill 14-1289 to the Committee of the Whole. The motion passed on a vote of 10-0. |
| SECONDED: | Szabo |
| VOTE |
| Exum | Yes |
| Hamner | Yes |
| Holbert | Yes |
| Navarro | Yes |
| Nordberg | Yes |
| Rosenthal | Yes |
| Ryden | Yes |
| Szabo | Yes |
| Wright | Yes |
| Kraft-Tharp | Excused |
| Williams | Yes |
| | |
Final YES: 10 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS |