SB 441: Local Government Investment Pool; certain pooled investments to be approved by the State Depository Board; require

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Discussed in meetings (14)

The House and Senate meetings that took this bill up, from their machine transcripts. Each account was written by Georgia Commons with AI and is not part of the record; the video is what was said.

1. Senate Banking and Financial Institutions Committee, February 19, 2026

   From 0:55:52 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said the bill would provide state oversight of new local government investment pools to help prevent fraud and risky investments. The state treasurer explained that pools created and operated by local governments and offered to other public bodies would need State Depository Board approval and safeguards matching the state's standards. The treasurer said the existing state-administered trust held $72 billion, served more than 550 local governments and had more than 1,400 accounts. The treasurer warned that unregulated pools could suffer losses or withdrawals that threatened other pools. A committee member asked how the requirement would apply when investment firms promised counties higher returns. The treasurer clarified that local governments could still manage their own money or jointly manage funds through intergovernmental agreements, while pools soliciting investments from other public bodies would face the approval requirement. The committee approved the bill unanimously.

2. Senate Rules Committee, February 24, 2026

   From 0:08:51 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said the bill would require approval from the board overseeing state investment pools when a municipality or county wants to invest separately. The sponsor described that approval as a safeguard and said the existing investment-management resources handle $82 billion. Asked whether gold or silver investments were allowed, the sponsor said that issue was being worked on without giving a definite answer. No vote was recorded.

3. Senate Rules Committee, February 25, 2026

   From 0:25:02 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said the bill would require approval for municipalities seeking to invest outside the state-managed Local Government Investment Pool. The sponsor said the state treasurer and board managed $82 billion and described the approval requirement as a safeguard that would give local governments access to the state's investment expertise. The committee later unanimously included the bill on the floor calendar.

4. Senate floor session, February 26, 2026 (legislative day 25)

   From 3:30:59 · Watch on the General Assembly's Vimeo channel · Confirmed by the bill's status history (Senate Third Read)

   Summary by Georgia Commons: The sponsor said SB 441 would require State Depository Board oversight when new local government investment pools are created, helping identify risky proposals and prevent fraud. The sponsor said the board's professional team managed about $82 billion and that smaller local governments lacked comparable resources. As a reason for oversight, the sponsor cited a 2007 Florida investment-pool episode involving subprime bonds and a false rumor. The clerk's reading noted exemptions for certain pooled investments, but the presentation did not explain them. No senators asked questions or spoke against the bill. It passed 49 to 0.

5. House Budget and Fiscal Affairs Oversight Committee, March 12, 2026

   From 0:15:11 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said SB 441 would bring local government investment pools under State Depository Board oversight to protect public money, particularly for smaller governments with limited investment expertise. The state treasurer clarified that existing pools already have oversight and that the bill would ensure future pools meet the same standards for safety and access to money when needed. The treasurer cited a Florida fund’s $15 billion withdrawal run in one week as an example of the risk. Answering the chair, the treasurer said local governments could still invest independently and pool money within their own governmental entity. Asked about outside managers, the treasurer said Georgia Fund One is managed directly, while other offerings use Invesco and Federated for some or all investments. The treasurer said the higher-risk Prime offering requires local participants to complete training. Another member asked about legislative input on the board. The treasurer said no legislators serve on it, but information is sent to House and Senate appropriations and banking committee chairs. The chair described the bill as reassurance for local governments, and the treasurer said protecting operating and payroll funds was its purpose. No amendments were offered. The committee voted unanimously to recommend passage.

6. House Rules Committee, March 19, 2026

   From 1:02:29 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The sponsor said the bill would bring additional local government investment pools under the State Depository Board's oversight. The sponsor said the board oversees about $40 billion for local governments and has investment experts available to manage the money. The sponsor described the oversight as a safeguard for cities and counties. There were no questions or calendar action.

7. House Rules Committee, March 23, 2026

   From 0:37:57 · Watch on the General Assembly's Vimeo channel

   Summary by Georgia Commons: The committee placed SB 441 on the day's calendar after a motion and second, with no stated opposition. No explanation of its provisions or substantive debate occurred.

8. House floor session, March 23, 2026 (legislative day 36, PM)

   From 0:49:19 · Watch on the General Assembly's Vimeo channel · Confirmed by the 2026 House Journal, p. 2985

   Summary by Georgia Commons: The sponsor said SB 441 would require State Depository Board approval for any future local government investment pool created by the legislature. The sponsor described the existing Georgia ONE Fund as having $72 billion in assets and more than 550 participating local governments, with oversight by state officials. The sponsor said extending that oversight to future pools would protect their safety and soundness. No questions were asked. The House passed the bill 167 to 0.

• Read aloud: Senate floor session, February 2, 2026 (legislative day 10), 0:24:18
• Read aloud: Senate floor session, February 20, 2026 (legislative day 22), 0:39:33
• Read aloud: Senate floor session, February 24, 2026 (legislative day 23), 0:21:34
• Read aloud: House floor session, March 3, 2026 (legislative day 26, AM), 0:38:12
• Read aloud: House floor session, March 4, 2026 (legislative day 27, AM), 0:58:20
• Read aloud: House floor session, March 16, 2026 (legislative day 32), 1:00:16

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