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NY S04305
Bill
Status
6/9/2015
Primary Sponsor
Joseph Griffo
Click for details
AI Summary
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Amends Banking Law by adding Section 12-B to permit state chartered banking institutions to pledge investment grade corporate bonds as collateral for Federal Reserve discount window borrowing of state and municipal funds
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Allows municipal bonds with five or more years of maturity to be pledged to secure deposits of state funds and funds from political subdivisions
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Provisions apply notwithstanding conflicting provisions in State Finance Law, Local Finance Law, or Banking Law
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Effective January 1 of the year following enactment
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
5/23/2016