SB 553-FN (2024): requiring the investment advisor for the public deposit investment pool to maintain funds in a particular manner.

SB 553-FN (2024)

requiring the investment advisor for the public deposit investment pool to maintain funds in a particular manner.

• Status: Referred for interim study
• Term: 2023-2024
• House committee: Finance
• Senate committee: Finance
• Subject: Miscellaneous

The Story

It was introduced on January 3, 2024 and referred to the Senate Finance committee. The committee held a public hearing on January 30, 2024. The committee voted unanimously, 7–0, to recommend that the Senate pass it with changes (amendment 2024-0696s). The committee's amendment (2024-0696s) was adopted on a voice vote on February 21, 2024, changing the text of the bill. On February 21, 2024 the Senate voted to pass it with changes and ordered it to a third reading. It crossed to the House on February 22, 2024 and was referred to the House Finance committee. The committee held a public hearing on April 17, 2024, with 479 people signed in online: 434 in support and 45 in opposition. The committee held work sessions on May 7, 2024 and May 8, 2024. The committee met in executive session on May 13, 2024 to vote on its recommendation. The majority recommended that the House pass it with changes (amendment 2024-1910h), and the minority recommended that the House study it after the session ends, by a vote of 16–9. The report was placed on the regular calendar. The committee's amendment (2024-1910h) was adopted on a voice vote on May 23, 2024, changing the text of the bill. On May 23, 2024 the House rejected a motion to pass it with changes on a division vote 176–190. On May 23, 2024 the House voted to study it after the session ends on a voice vote. The committee met in executive session on October 23, 2024 to vote on its recommendation. The committee reported back on its interim study of the bill: “Not Recommended for Future Legislation”, by a vote of 17 to 0.

Sponsors

• Sen. Cindy Rosenwald (D - SD13) (prime sponsor)
• Sen. Kevin Avard (R - SD12)
• Sen. Denise Ricciardi (R - SD9)
• Sen. Donna Soucy (D - SD18)
• Sen. Timothy Lang (R - SD2)
• Sen. Lou D'Allesandro (D - SD20)
• Sen. Daniel Innis (R - SD7)
• Sen. Carrie Gendreau (R - SD1)
• Sen. Bill Gannon (R - SD23)
• Sen. Jeb Bradley (R - SD3)
• Sen. Shannon Chandley (D - SD11)
• Rep. Anita Burroughs (D - Carr 2)
• Rep. Susan Elberger (D - Hills 5)
• Rep. John Hunt (R - Ches 14)
• Rep. David Rochefort (R - Graf 1)
• Rep. Carry Spier (D - Hills 6)

Hearings and Sessions

• January 30, 2024, 1:00 PM: hearing, Senate Finance, SH 103
• April 17, 2024, 2:00 PM: public hearing, House Finance, LOB 210-211
• May 7, 2024, 11:15 AM: work session, House Finance, LOB 212
• May 8, 2024, 2:00 PM: work session, House Finance, LOB 212
• May 13, 2024, 1:00 PM: executive session, House Finance, LOB 210-211
• October 23, 2024, 10:00 AM: executive session, House Finance, LOB 210-211

Votes

• February 21, 2024, Senate: Ought to Pass with Amendment — yeas 24, nays 0, passed
• May 23, 2024, House: Ought to Pass with Amendment 2024-1910h — yeas 176, nays 190, failed
• May 23, 2024, House: Refer for Interim Study — voice vote, passed

The Docket

Laws It Would Change

• RSA 6:45
• RSA 6:46

Related Bills

• HB 1241 (2024): relative to the regulation of money transmitters; relative to license applications and renewals for certain consumer credit entities; and requiring the investment advisor for the public deposit investment pool to maintain funds in a particular manner.

From the General Court

• Bill text
• Bill status page
• Docket
• SC 3
• SC 8
• HC 20, page 23