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NY A07096
Bill
Status
Introduced
4/23/2015
Primary Sponsor
Anthony Brindisi
Click for details
AI Summary
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Amends Banking Law by adding section 12-B to allow state chartered banking institutions holding state or municipal funds to pledge investment grade corporate bonds as collateral for Federal Reserve discount window borrowing
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Permits pledging of municipal bonds with five or more years of maturity to secure state and municipal deposits held by state chartered banks
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Effective January 1st following enactment into law
Legislative Description
Authorizes state chartered banking institutions to pledge investment grade corporate bonds to secure state and municipal deposits; also authorizes the pledging of municipal bonds having a maturity of more than 5 years.
Last Action
referred to banks
1/6/2016
Committee Referrals
Banks4/23/2015
Full Bill Text
No bill text available