Supranational Investing Bill Moves in Senate

SB 1119, State Treasurer – Supranational Issuers, advanced today. The bill passed second reader on the Senate floor this afternoon.

SB 1119 would authorize the State Treasurer and county government investment officers to invest in top-rated supranational issuances, including AAA securities. MACo offered testimony in support of the legislation on March 17, 2016 in the Senate Budget and Taxation Committee.

MACo’s panel included Executive Director Michael Sanderson, and two county investment managers: Janet Morgan of Anne Arundel County and Gwen Yount of Prince George’s County.

From the MACo testimony,

The legislation would modestly broaden options for the Treasurer in investing local government insurance trust funds, which could benefit counties who invest via the Local Government Investment Pool, managed by the Treasurer. Since local governments doing their own investing are bound by these same standards, SB 1119 would grant them the same option and benefit.

The Senate will convene again at 8 pm this evening as part of an effort to pass bills out of the chamber within the deadline of Opposite Chamber Bill Crossover Date – today, the 69th day of the 2016 Legislative Session.

For more on 2016 legislation of importance to counties, visit the MACo Legislative Database.