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Minutes for HB2152 - Committee on Financial Institutions and Insurance
Short Title
Substitute for HB 2152 by Committee on Financial Institutions and Pensions - Mandating financial institutions to secure governmental unit deposits in excess of the amount insured or guaranteed by the FDIC by utilizing a public moneys pooled method of securities, prohibiting investment advisers that execute bids for the investment of public moneys from managing moneys directly from such bid, allowing governmental unit deposits to be invested at a rate agreed upon by the governmental unit and the financial institution, requiring certification from a governmental unit that deposits in the municipal investment pool fund were first offered to a financial institution in the preceding year and allowing financial institutions to file complaints upon the failure to comply.
Minutes Content for Thu, Mar 13, 2025
Chairperson Dietrich opened the hearing on HB2152. Revisor Eileen Ma provided an overview of the bill and stood for questions.(Attachment 13)
Alex Orel spoke as a proponent of the bill stating that this bill provides a more efficient and flexible process by which state and municipal tax dollars are able to be reinvested back into Kansas communities; keeping Kansas tax dollars in Kansas.(Attachment 14)
State Treasurer Steven Johnson testified in favor of the bill keeping his remarks brief. The collateral pool, he explained, is a good step forward for Kansas as many states have done it without regret. The other item the bill allows is giving the PMIB board flexibility in determine the rate for bank CD's so that they better reflect the risk they present. (Attachment 15)
Additional written proponent testimony was received from:
- Shawn Mitchell, President, Community Bankers Association of Kansas (Attachment 16)
- Tom Pruitt, President, People's State Bank & Trust Company (Attachment 17)
- Brock Roehler, General Counsel, Office of the State Bank Commissioner (Attachment 18)
- Eric Stafford, Vice President of Government Affairs, Kansas Chamber (Attachment 19)
- Scott Schneider, Executive Director, Kansas Business Roundtable (Attachment 20)
- Mark Schifferdecker, Chairman, GNBank (Attachment 21)
Hearing will continue on Monday, March 17th.
Meeting adjourned at 10:25 a.m.
