Local government: investments and deposits.

Legislative status

1. Introduced
2. In Committee
3. Reported by Committee
4. Floor Vote Scheduled
5. Passed One Chamber
6. Passed Both Chambers
7. Sent to Executive
8. Enacted

Summary

SB 1438 changes the way counties, cities and other public agencies invest and deposit money. It lets two or more agencies sign joint investment agreements, expands the types of banks and credit unions they may use (including out‑of‑state banks), and adds caps on risky assets like commercial paper and reverse‑repo deals. The changes are meant to protect the state’s overall credit while giving local agencies more flexibility.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Vote

Read third time. Passed. (Ayes 73. Noes 0. Page 5864.) Ordered to the Senate. · Jun 25, 2026

Hearings

• Local Government Committee Hearing
  Local Government · Jun 17, 2026
• Local Government Committee Hearing
  Local Government · Jun 17, 2026
• Local Government Committee Hearing
  Local Government · Apr 22, 2026
• Local Government
  Senate Local Government Committee · Apr 22, 2026

History

1. Jun 1, 2026From committee with author's amendments. Read second time and amended. Re-referred to Com. on L. GOV.
2. May 18, 2026Referred to Com. on L. GOV.
3. Apr 30, 2026Read third time. Passed. (Ayes 36. Noes 0.) Ordered to the Assembly.
4. Apr 30, 2026In Assembly. Read first time. Held at Desk.
5. Apr 23, 2026Read second time. Ordered to consent calendar.
6. Apr 22, 2026From committee: Do pass. Ordered to consent calendar. (Ayes 7. Noes 0. Page 4015.) (April 22).
7. Apr 13, 2026From committee with author's amendments. Read second time and amended. Re-referred to Com. on L. GOV.
8. Apr 9, 2026Set for hearing April 22.
9. Mar 18, 2026Referred to Com. on L. GOV.
10. Mar 12, 2026From printer. May be acted upon on or after April 11.
11. Mar 11, 2026Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

• Committee on Local Government · sponsor

Bill text

Opens the legislature’s own copy.

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Topics

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