MACo Supports Bill to Give Broader Flexibility to Manage Local Accounts

MACo Associate Director Andrea Mansfield testified in support of House Bill 844 which would allow a local jurisdiction to deposit unexpended or surplus money in any federally insured bank or savings and loan association in excess of the Federal Deposit Insurance Corporation (FDIC) maximum insurance coverage limit through a networked banking arrangement.

This new program, similar to the Certificate of Deposit Account Registry Service (CDARS), would benefit local governments by allowing them to place funds in money market deposit accounts.  This Insured Cash Sweep (ICS) program is currently under development and is expected to be operational by early spring.

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