California 2021-2022 Regular Session Status: Enacted

SB 239 — Government finance: surplus investments: savings and loan associations or credit unions.

Last action — Chaptered by Secretary of State. Chapter 635, Statutes of 2021.

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

This bill has been enacted into law. Introduced January 21, 2021. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 6 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

(1) Existing law specifies the types of securities that are eligible for the investment of surplus state funds, which include bonds or interest-bearing notes on obligations that are guaranteed as to principal and interest by a federal agency of the United States. This bill would instead require those bonds or interest-bearing notes to be on obligations that are issued by or fully guaranteed as to principal and interest by a federal agency of the United States or a United States government-sponsored enterprise, as defined by specified federal law. Existing law, with respect to securities that are eligible for the investment of surplus state funds, includes debentures and consolidated debentures issued by the Central Bank for Cooperatives and banks for cooperatives and bonds or debentures of the Federal Home Loan Bank Board, established under specified federal law. This bill would provide that these types of securities also include other obligations issued by the above-described entities. The bill, with respect to securities eligible for the investment of surplus state funds, would also include shares of any money market mutual fund subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission, subject to meeting specified conditions. (2) 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, and includes within that list of eligible securities a letter of credit issued by the Federal Home Loan Bank of San Francisco that includes specified terms. Existing law requires these securities to be in an amount in value of at least 10% in excess of the amount deposited with the savings and loan association or credit union. This bill would instead require a letter of credit issued by the Federal Home Loan Bank of San Francisco to be in an amount in value of at least 100% of the amount deposited with the savings and loan association or credit union. The bill would also make nonsubstantive changes. This bill would incorporate additional changes to Section 16430 of the Government Code proposed by AB 869 to be operative only if this bill and AB 869 are enacted and this bill is enacted last.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 635, Statutes of 2021.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 2 p.m.

  4. Assembly amendments concurred in. (Ayes 39. Noes 0. Page 2210.) Ordered to engrossing and enrolling.

  5. In Senate. Concurrence in Assembly amendments pending.

  6. Read third time. Passed. (Ayes 69. Noes 0. Page 2478.) Ordered to the Senate.

  7. Ordered to third reading.

  8. Read third time and amended.

  9. Ordered to third reading.

  10. From consent calendar on motion of Assembly Member Reyes.

  11. Read second time. Ordered to consent calendar.

  12. From committee: Do pass. Ordered to consent calendar. (Ayes 13. Noes 0.) (July 14).

  13. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 12. Noes 0.) (June 29). Re-referred to Com. on APPR.

  14. Joint Rule 62(a) suspended. (Ayes 56. Noes 19. Page 2124.)

  15. June 28 hearing postponed by committee.

  16. June 14 hearing postponed by committee.

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

  18. In Assembly. Read first time. Held at Desk.

  19. Read third time. Passed. (Ayes 38. Noes 0. Page 612.) Ordered to the Assembly.

  20. Read second time. Ordered to consent calendar.

  21. From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.

  22. Set for hearing March 22.

  23. From committee: Do pass and re-refer to Com. on APPR with recommendation: To consent calendar. (Ayes 9. Noes 0. Page 455.) (March 10). Re-referred to Com. on APPR.

  24. Set for hearing March 10.

  25. Referred to Com. on B. & F.I.

  26. From printer. May be acted upon on or after February 21.

  27. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Committee on Banking and Financial Institutions · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Committee on Banking and Financial Institutions

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"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

Votes

Unfinished Business SB239 B. & F.I. (Limón) Concurrence

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 23000
Democratic 12001
Republican 4000
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Roth — Yea
Eggman — Yea
Wilk — Yea
Atkins — Yea
Kamlager — Yea
Nielsen — Yea
Portantino — Yea
Glazer — Yea
Borgeas — Yea
Dodd — Yea
Pan — Yea
Bradford — Yea
Leyva — Yea
Hertzberg — Yea
Hueso — Yea
Skinner — Yea
Melendez — Yea
Rubio — Yea
Newman — Yea
Bates — Yea
Gonzalez — Yea
Min — Yea
Wieckowski — Yea
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Becker, Josh Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Not Voting
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

SB 239 B. & F.I. Senate Third Reading By GRAYSON

Passed 69 Yea · 0 Nay · 10 Other
Party YeaNayPresentNot Voting
Democratic 22004
Unaffiliated 40004
Republican 7002
Total 690010
% of votes cast 87%0%0%13%
How each member voted (79)
Member Party Vote
Bloom — Yea
Friedman — Yea
Voepel — Yea
Bigelow — Yea
Chiu — Yea
Rendon — Yea
Mullin — Yea
Holden — Yea
Waldron — Yea
Daly — Yea
Medina — Yea
Smith — Yea
Burke — Yea
Cunningham — Yea
Cooper — Yea
Chau — Yea
Gray — Not Voting
Cooley — Not Voting
Mathis — Not Voting
McCarty — Not Voting
Villapudua — Yea
Salas — Yea
Jones-Sawyer — Yea
Santiago — Yea
Maienschein — Yea
Rodriguez — Yea
Quirk — Yea
Kiley — Yea
Mayes — Yea
Nazarian — Yea
Ting — Yea
Wood — Yea
Low — Yea
Frazier — Yea
O'Donnell — Yea
Levine — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Luz Rivas — Yea
Mark Stone — Yea
Vince Fong — Yea
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Bennett, Steve Democratic Not Voting
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bryan, Isaac G. Democratic Not Voting
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Not Voting
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Lee, Alex Democratic Yea
Muratsuchi, Al Democratic Yea
Nguyen, Stephanie Democratic Not Voting
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Ward, Christopher M. Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Not Voting
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea
Seyarto, Kelly Republican Yea
Valladares, Suzette Martinez Republican Not Voting

Official roll call →

Do pass. To Consent Calendar.

Passed 13 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Democratic 4001
Unaffiliated 7002
Republican 2000
Total 13003
% of votes cast 81%0%0%19%
How each member voted (16)
Member Party Vote
Quirk — Yea
Bigelow — Yea
Chau — Yea
McCarty — Not Voting
Eduardo Garcia — Not Voting
Lorena Gonzalez — Yea
Mark Stone — Yea
Vince Fong — Yea
Wendy Carrillo — Yea
Bryan, Isaac G. Democratic Yea
Calderon, Lisa Democratic Yea
Gabriel, Jesse Democratic Yea
Rivas, Robert Democratic Not Voting
Weber Pierson, M.D., Akilah Democratic Yea
Dahle, Megan Republican Yea
Davies, Laurie Republican Yea

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar

Passed 12 Yea · 0 Nay
Party YeaNayPresentNot Voting
Republican 2000
Democratic 7000
Unaffiliated 3000
Total 12000
% of votes cast 100%0%0%0%
How each member voted (12)
Member Party Vote
Burke — Yea
Cristina Garcia — Yea
Mark Stone — Yea
Bauer-Kahan, Rebecca Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Grayson, Timothy S. Democratic Yea
Nguyen, Stephanie Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea

Official roll call →

Consent Calendar SB239 B. & F.I.

Passed 38 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Democratic 11002
Unaffiliated 23000
Republican 4000
Total 38002
% of votes cast 95%0%0%5%
How each member voted (40)
Member Party Vote
Leyva — Yea
Borgeas — Yea
Bates — Yea
Roth — Yea
Skinner — Yea
Wieckowski — Yea
Atkins — Yea
Portantino — Yea
Glazer — Yea
Nielsen — Yea
Wilk — Yea
Hertzberg — Yea
Kamlager — Yea
Dodd — Yea
Rubio — Yea
Bradford — Yea
Min — Yea
Melendez — Yea
Eggman — Yea
Pan — Yea
Hueso — Yea
Newman — Yea
Gonzalez — Yea
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Becker, Josh Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Not Voting
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Not Voting
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar

Passed 9 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 4000
Democratic 3000
Republican 2000
Total 9000
% of votes cast 100%0%0%0%
How each member voted (9)
Member Party Vote
Hueso — Yea
Min — Yea
Bradford — Yea
Portantino — Yea
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Limón, Monique Democratic Yea
Dahle, Megan Republican Yea
Ochoa Bogh, Rosilicie Republican Yea

Official roll call →

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 SB 239 do?
(1) Existing law specifies the types of securities that are eligible for the investment of surplus state funds, which include bonds or interest-bearing notes on obligations that are guaranteed as to principal and interest by a federal agency of the United States. This bill would instead require those bonds or interest-bearing notes to be on obligations that are issued by or fully guaranteed as to principal and interest by a federal agency of the United States or a United States government-sponsored enterprise, as defined by specified federal law. Existing law, with respect to securities that are eligible for the investment of surplus state funds, includes debentures and consolidated debentures issued by the Central Bank for Cooperatives and banks for cooperatives and bonds or debentures of the Federal Home Loan Bank Board, established under specified federal law. This bill would provide that these types of securities also include other obligations issued by the above-described entities. The bill, with respect to securities eligible for the investment of surplus state funds, would also include shares of any money market mutual fund subject to registration by, and under the regulatory authority of, the United States Securities and Exchange Commission, subject to meeting specified conditions. (2) 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, and includes within that list of eligible securities a letter of credit issued by the Federal Home Loan Bank of San Francisco that includes specified terms. Existing law requires these securities to be in an amount in value of at least 10% in excess of the amount deposited with the savings and loan association or credit union. This bill would instead require a letter of credit issued by the Federal Home Loan Bank of San Francisco to be in an amount in value of at least 100% of the amount deposited with the savings and loan association or credit union. The bill would also make nonsubstantive changes. This bill would incorporate additional changes to Section 16430 of the Government Code proposed by AB 869 to be operative only if this bill and AB 869 are enacted and this bill is enacted last.
Who sponsors SB 239?
SB 239 is sponsored by Committee on Banking and Financial Institutions.
What is the current status of SB 239?
This bill has been enacted into law. Introduced January 21, 2021. Enacted.
Where can I track SB 239?
Track SB 239 free on One Click Politics — get push/email alerts when it moves.

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