Bills › 91st General Assembly
Relating to interest on state moneys invested in depository time certificates of deposit
Sponsored by Sen. Lynn Evans (R)
Where it is now
- Done: IntroducedFebruary 10, 2025
- Done: SubcommitteeFebruary 18, 2025
- Stopped: Senate committeeDied when the General Assembly ended
- Next: Passes the Senate
- Next: House committeeFunnel: by March 20, 2026
- Next: Passes the House
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2026 session adjourned on May 3, 2026, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary Currently, state money put into time certificates of deposit (CDs) must earn a certain amount of interest set by the state treasurer. This new law would change that rule so these investments must earn at least half of the federal funds rate. This change affects public bodies and officers when they invest their money in these types of accounts.1
Read the official explanation
Under current law, state moneys invested in a depository time certificate of deposit (CD) must earn interest at no less than the rate established by the treasurer of state for state moneys placed in a time deposit. This bill requires that such a CD interest rate be at least one-half of the effective federal funds rate, as published by the federal reserve bank of New York. By operation of law, this applies to investments in CDs by a public body or officer other than the treasurer of state (Code section 12C.6(3)).
Senate subcommittee
Named February 18, 2025. It hasn’t reported yet.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part