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HOUSE DOCKET, NO. 372         FILED ON: 1/14/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 331

 

The Commonwealth of Massachusetts

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PRESENTED BY:

Thomas M. Stanley

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
              Court assembled:

              The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to the safety of public deposits .

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PETITION OF:

 

Name:

District/Address:

Thomas M. Stanley

9th Middlesex

Cory Atkins

14th Middlesex

Viriato Manuel deMacedo

1st Plymouth

John V. Fernandes

10th Worcester

Steven L. Levy

4th Middlesex

Michael O. Moore

 

John H. Rogers

12th Norfolk


HOUSE DOCKET, NO. 372        FILED ON: 1/14/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 331

By Mr. Stanley of Waltham, a petition (accompanied by bill, House, No. 331) of Thomas M. Stanley and others for an investigation by a special commission (including members of the General Court) on the safety and security of deposits made by public entities.  Financial Services.


The Commonwealth of Massachusetts
 

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In the Year Two Thousand Eleven

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An Act relative to the safety of public deposits .
 

              Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

              SECTION 1. There shall be a special commission to investigate, study, and make a report on the safety and security of deposits made by public entities, including the commonwealth, cities, towns, counties, districts and regional school districts, said funds being deposited in any form whatsoever in any public depository or in a combined investment fund. The report shall assess the necessity of providing further security for said public deposits and include recommendations to establish reasonable standards for protecting public deposits. The commission shall consist of  thirteen members: the house and senate chairs of the joint committee on financial services who shall serve as co-chairpersons; the ranking minority senate and house member of said committee; the state treasurer or his designee; the state auditor or his designee; the state banking commissioner or his designee; three  representatives of the Massachusetts Collectors & Treasurers Association, one representative of the Massachusetts Bankers Association; one representative of the Mass. Credit Union League; and, one representative of the Massachusetts Municipal Association. The commission shall file its report, including its recommendations and a draft of any legislation necessary to carry out its recommendations, by filing the same with the clerks of the house of representatives and the state senate not later than ninety days after passage of this act.

              SECTION 2. This act shall take effect upon its passage.

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