PUBLIC FUNDS-GOVT INVESTMENT
Summary
Amends the Public Funds Investment Act. Provides that when investing or depositing public funds, each public agency shall invest or deposit such funds with or in financial institutions that have a board of directors consisting of at least 20% persons of color. Provides that a financial institution that does not have a board of directors consisting of at least 20% persons of color may increase or modify its board membership. Provides that any public agency investing or depositing public funds shall divest any previously invested or deposited funds from any financial institution failing to meet specified requirements by January 1, 2021. Defines "persons of color". Makes conforming changes. Effective immediately.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jul 2020
Committee Review
Floor Vote
Governor
Introduced Jul 1, 2020
Last action Nov 10, 2020
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
5
Key actions
0
Committee
1
Nov 10, 2020
Committee
Referred to Rules Committee
lower
0 primary · 3 co-sponsors
Sponsors
No sponsor information available.
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