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house Bill H.R. 1624

Municipal Finance Support Act of 2017

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed October 3rd, 2017
    Passed by Voice Vote
      house Committees
      Committee on Financial Services
    IntroducedMarch 20th, 2017

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Bill Details

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Title

Municipal Finance Support Act of 2017

Official Title

To require the appropriate Federal banking agencies to treat certain municipal obligations as no lower than level 2B liquid assets, and for other purposes.

Summary

Municipal Finance Support Act of 2017 (Sec. 2) This bill amends the Federal Deposit Insurance Act to require certain municipal obligations to be treated as high-quality liquid assets if they are investment grade, liquid, and readily marketable. Under current law, high-quality assets include level 1, level 2A, and level 2B liquid assets.
    On the surface this looks like loosening the regulations on investments. Yes lease vote no.
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    Treating investments as cash has proved disastrous in the past. We need to learn from history. This bill only applies to 5% of banks, according to the CBO, and offers little in the way of benefit, even to them. What it does do is open a door to irresponsibility. That is a door we have already learned needs to be kept shut.
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