Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 23, 2016 |
referred to banks delivered to assembly passed senate |
Mar 08, 2016 |
advanced to third reading |
Mar 07, 2016 |
2nd report cal. |
Mar 02, 2016 |
1st report cal.313 |
Jan 06, 2016 |
referred to banks returned to senate died in assembly |
Jun 09, 2015 |
referred to banks delivered to assembly passed senate |
Jun 08, 2015 |
ordered to third reading cal.1364 committee discharged and committed to rules |
Mar 11, 2015 |
referred to banks |
Senate Bill S4305
2015-2016 Legislative Session
Sponsored By
(R, C) 53rd Senate District
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2015-S4305 (ACTIVE) - Details
2015-S4305 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4305 TITLE OF BILL: An act to amend the banking law, in relation to deposits of state and municipal funding in banking institutions PURPOSE: To authorize state chartered banking institutions to pledge investment grade corporate bonds to secure state and municipal deposits. SUMMARY OF PROVISIONS: Section 1. The banking law is amended by adding a new section 12-b which states a state chartered banking institution which holds state funds or the funds of any political subdivision thereof may accept and pledge investment grade corporate bonds, to the extend authorized by the federal reserve bank, as collateral for any discount window borrowing of such funds. Furthermore, municipal bonds having five or more years of maturity may be pledged to secure such deposits. JUSTIFICATION: The Federal Reserve considers investment grade corporate bonds to be acceptable collateral for Discount Window borrowings; New York State
2015-S4305 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4305 2015-2016 Regular Sessions I N S E N A T E March 11, 2015 ___________ Introduced by Sen. GRIFFO -- read twice and ordered printed, and when printed to be committed to the Committee on Banks AN ACT to amend the banking law, in relation to deposits of state and municipal funding in banking institutions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The banking law is amended by adding a new section 12-b to read as follows: S 12-B. STATE AND MUNICIPAL FUNDS DEPOSITED IN STATE CHARTERED BANKING INSTITUTIONS. 1. NOTWITHSTANDING ANY PROVISION OF THE STATE FINANCE LAW, THE LOCAL FINANCE LAW OR THIS CHAPTER TO THE CONTRARY, A STATE CHARTERED BANKING INSTITUTION WHICH HOLDS STATE FUNDS OR THE FUNDS OF ANY POLI- TICAL SUBDIVISION THEREOF MAY ACCEPT AND PLEDGE INVESTMENT GRADE CORPO- RATE BONDS, TO THE EXTENT AUTHORIZED BY THE FEDERAL RESERVE BANK, AS COLLATERAL FOR ANY DISCOUNT WINDOW BORROWING OF SUCH FUNDS. FURTHERMORE MUNICIPAL BONDS HAVING FIVE OR MORE YEARS OF MATURITY MAY BE PLEDGED TO SECURE SUCH DEPOSITS. S 2. This act shall take effect on the first of January next succeed- ing the date on which it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06066-01-5
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