California 2019-2020 Regular Session Status: In Committee

AB 2851 — State funds: investments.

Last action — Re-referred to Com. on B. & F.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2019-2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law requires the Treasurer to invest, or deposit in banks and savings and loan associations, specified state moneys designated as surplus and determined to be available for that purpose by the Pooled Money Investment Board. Existing law prescribes eligible securities for the investment of surplus moneys under these provisions, including bonds, notes, and warrants of this state and bonds or warrants of any county, city, or specified types of districts of this state. This bill would include, as a type of security that is eligible for the investment of surplus state funds, those bonds, notes, warrants, and other securities not in default that are the direct obligations of the government of a foreign country that the International Monetary Fund lists as industrialized and for which the full faith and credit of that country has been pledged for the payment of principal and interest, if specified requirements are met. Existing law, for purposes of a savings and loan association or credit union being eligible to receive deposits of state funds, specifies which securities may be received as security for demand and time deposits, and may be received as security, including, among others, bonds issued by the State of Israel. This bill would repeal the authorization for a security that may be received to be a bond issued by the State of Israel, and would instead include all those bonds, notes, warrants, and other securities not in default that are the direct obligations of the government of a foreign country that the International Monetary Fund lists as industrialized and for which the full faith and credit of that country has been pledged for the payment of principal and interest, if specified requirements are met.

Bill Text

Action History

  1. Re-referred to Com. on B. & F.

  2. From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.

  3. Referred to Com. on B. & F.

  4. Read first time.

  5. From printer. May be heard in committee March 23.

  6. Introduced. To print.

Sponsors

  • Bloom · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Bloom

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 2851 do?
Existing law requires the Treasurer to invest, or deposit in banks and savings and loan associations, specified state moneys designated as surplus and determined to be available for that purpose by the Pooled Money Investment Board. Existing law prescribes eligible securities for the investment of surplus moneys under these provisions, including bonds, notes, and warrants of this state and bonds or warrants of any county, city, or specified types of districts of this state. This bill would include, as a type of security that is eligible for the investment of surplus state funds, those bonds, notes, warrants, and other securities not in default that are the direct obligations of the government of a foreign country that the International Monetary Fund lists as industrialized and for which the full faith and credit of that country has been pledged for the payment of principal and interest, if specified requirements are met. Existing law, for purposes of a savings and loan association or credit union being eligible to receive deposits of state funds, specifies which securities may be received as security for demand and time deposits, and may be received as security, including, among others, bonds issued by the State of Israel. This bill would repeal the authorization for a security that may be received to be a bond issued by the State of Israel, and would instead include all those bonds, notes, warrants, and other securities not in default that are the direct obligations of the government of a foreign country that the International Monetary Fund lists as industrialized and for which the full faith and credit of that country has been pledged for the payment of principal and interest, if specified requirements are met.
Who sponsors AB 2851?
AB 2851 is sponsored by Bloom.
What is the current status of AB 2851?
This bill died with 2019-2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 2851?
Track AB 2851 free on One Click Politics — get push/email alerts when it moves.

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