Bill Text: OH HB40 | 2013-2014 | 130th General Assembly | Introduced
Bill Title: To require the Treasurer of State to investigate whether state treasury funds, custodial funds, or funds of state institutions of higher education were lost as a result of fraudulent manipulations to the LIBOR and to declare an emergency.
Spectrum: Partisan Bill (Democrat 9-0)
Status: (Introduced - Dead) 2013-02-12 - To Policy and Legislative Oversight [HB40 Detail]
Download: Ohio-2013-HB40-Introduced.html
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Representative Foley
Cosponsors:
Representatives Hagan, R., Antonio, Ramos, Letson, Fedor, Cera, Boyce, Patterson
| To require the Treasurer of State to investigate | 1 |
| whether state treasury funds, custodial funds, or | 2 |
| funds of state institutions of higher education | 3 |
| were lost as a result of fraudulent manipulations | 4 |
| to the LIBOR and to declare an emergency. | 5 |
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
| Section 1. (A) As used in this section: | 6 |
| (1) "LIBOR" means the London InterBank Offered Rate defined | 7 |
| by the British Bankers' Association to mean the rate at which an | 8 |
| individual contributor panel bank could borrow funds, were it to | 9 |
| do so by asking for and then accepting interbank offers in | 10 |
| reasonable market size, just prior to eleven a.m. London time. | 11 |
| (2) "State institution of higher education" has the same | 12 |
| meaning as in section 3345.011 of the Revised Code. | 13 |
| (B)(1) The Treasurer of State shall investigate whether any | 14 |
| funds that were in the state treasury or any funds that were in | 15 |
| the custody of the Treasurer but not part of the state treasury | 16 |
| were lost as a result of the fraudulent manipulations to the | 17 |
| LIBOR, or other related actions, made by major international banks | 18 |
| as determined to have occurred by the United States Department of | 19 |
| Justice, the Financial Services Authority of Britain, or other | 20 |
| similar investigative or regulatory authorities in the United | 21 |
| States or abroad, pursuant to a settlement or civil, criminal, | 22 |
| administrative, or equivalent proceeding. | 23 |
| (2) The Treasurer shall investigate whether any funds were | 24 |
| lost by a state institution of higher education as a result of | 25 |
| fraudulent manipulations described in division (B)(1) of this | 26 |
| section. | 27 |
| (C) The investigations shall focus on investment and other | 28 |
| similar transactions involving the funds described in division (B) | 29 |
| of this section that occurred during the time period of January 1, | 30 |
| 2007, through January 1, 2013. | 31 |
| (D) If the Treasurer determines that funds described under | 32 |
| division (B) of this section were lost, the Treasurer shall | 33 |
| compile and report the amounts of the losses to the President of | 34 |
| the Senate, the Minority Leader of the Senate, the Speaker of the | 35 |
| House of Representatives, the Minority Leader of the House of | 36 |
| Representatives, and the Ohio Attorney General. The Treasurer | 37 |
| shall make the report not later than six months after the | 38 |
| effective date of this section. | 39 |
| (E) The Treasurer may collaborate with any other relevant | 40 |
| entity including the Ohio Attorney General, the Ohio Department of | 41 |
| Commerce, the Ohio Board of Regents, or president or board of | 42 |
| trustees of a state institution of higher education, to carry out | 43 |
| the purposes of this section. Any such entity shall comply with | 44 |
| the Treasurer's request for collaboration. | 45 |
| Section 2. This act is hereby declared to be an emergency | 46 |
| measure necessary for the immediate preservation of the public | 47 |
| peace, health, and safety. The reason for such necessity is to | 48 |
| determine whether there are grounds for the State to take | 49 |
| immediate action to seek damages to recover any losses resulting | 50 |
| from the fraudulent manipulations to LIBOR. Therefore, this act | 51 |
| shall go into immediate effect. | 52 |
