OH HB374

Authorizes the Treasurer of State to create the Ohio Pooled Collateral Program by July 1, 2017, requiring public depositories to pledge eligible securities to secure uninsured public deposits.

Allows the Treasurer of State to determine by rule the total market value of securities that must be pledged, based on criteria including prudent capital management, liquidity, and third-party safety ratings, as an alternative to the fixed 102% requirement.

Requires public depositories to designate a qualified trustee to hold pledged securities and carry accounting records of public deposits and securities' market value, with reporting obligations to the Treasurer of State.

Establishes procedures for the Treasurer of State to liquidate pledged securities if a public depository fails to repay deposits, with any surplus returned to the depository.

Declares the act an emergency measure effective immediately to ensure Ohio financial institutions comply with federal liquidity coverage ratio requirements by January 1, 2016.