H.B. 596 Summary

• Amends sections 135.143 and 135.35 of the Revised Code to increase the foreign debt investment cap from one percent to two percent for state interim funds and county inactive and public library fund investments.

• Allows the State Treasurer to invest in debt interests issued by foreign nations diplomatically recognized by the United States government, provided investments are backed by full faith and credit of the foreign nation with interest and principal denominated in United States funds.

• The two percent cap applies to aggregate foreign nation debt investments across the portfolio for both state interim funds and county inactive/library funds.

• Requires that foreign debt investments be rated in the three highest categories by two nationally recognized standard rating services at the time of purchase.

• Repeals existing sections 135.143 and 135.35 and replaces them with amended versions reflecting the increased foreign debt investment limit.