Bill Text: OR HJM10 | 2011 | Regular Session | Enrolled

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Bill Title: Urging Congress to enact legislation to assist in establishing a voluntary system of full insurance for public funds accounts.

Spectrum: Moderate Partisan Bill (Democrat 8-1)

Status: (Passed) 2011-06-10 - Filed with Secretary of State. [HJM10 Detail]

Download: Oregon-2011-HJM10-Enrolled.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

                            Enrolled

                     House Joint Memorial 10

Sponsored by Representative BARNHART, Senator EDWARDS;
  Representatives BAILEY, DOHERTY, GELSER, READ, SCHAUFLER,
  Senators MORSE, ROSENBAUM (Presession filed.)

To the President of the United States and the Senate and the
  House of Representatives of the United States of America, in
  Congress assembled:
  We, your memorialists, the Seventy-sixth Legislative Assembly
of the State of Oregon, in legislative session assembled,
respectfully represent as follows:
  Whereas the State of Oregon and its local governments have
hundreds of millions of dollars held in banks and credit unions
that serve as public depositories; and
  Whereas those funds are secured by a public funds collateral
pool among all of Oregon's public depositories, which has been
tested by economic conditions and bank failures and found to be
secure; and
  Whereas providing that security comes at the cost of a further
constriction of capital available for lending and takes hundreds
of millions of dollars out of circulation; and
  Whereas collateralization rules vary widely from state to
state, creating a myriad of different systems that discourage
bank and credit union participation; and
  Whereas the Federal Deposit Insurance Corporation recently
established the Temporary Liquidity Guarantee Program to fully
insure personal and public deposits at participating
depositories; and
  Whereas a nationally standardized system would increase bank
and credit union participation and provide additional depository
options for local governments without a loss of available
capital; now, therefore,

Be It Resolved by the Legislative Assembly of the State of
  Oregon:

  (1) The Congress of the United States of America is urged to
enact legislation that:
  (a) Assists the Federal Deposit Insurance Corporation and the
National Credit Union Share Insurance Fund in establishing a
voluntary system of full insurance for public funds accounts; and
  (b) Allows, but does not require, states to discard
state-specific public fund depository collateralization in favor
of the new Federal Deposit Insurance Corporation or National
Credit Union Share Insurance Fund system on a permanent basis,
thereby freeing up capital used as collateral.
  (2) A copy of this memorial shall be sent to the President of
the United States, the Senate Majority Leader, the Speaker of the
House of Representatives and each member of the Oregon
Congressional Delegation.
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Enrolled House Joint Memorial 10 (HJM 10-INTRO)            Page 1

                                 Adopted by House April 27, 2011

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                                 Ramona Kenady Line, Chief Clerk
                                            of House

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                                  Bruce Hanna, Speaker of House

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                                 Arnie Roblan, Speaker of House

                                 Adopted by Senate May 31, 2011

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                                  Peter Courtney, President of
                                             Senate

Enrolled House Joint Memorial 10 (HJM 10-INTRO)            Page 2