COLUMBUS—State Senator Steve Wilson (R-Maineville) today announced the unanimous passage of legislation in the Ohio Senate that would give greater authority and flexibility to county treasurers to invest. Sponsored by Senator Wilson, Senate Bill 163 would increase opportunities for higher yields, diversification of investments and better equip the elected county treasurers to protect taxpayer money.

"Eliminating burdensome restrictions would help counties strengthen their portfolios and allow them to adjust their investment choices, which has the potential to increase yields and reduce the need for raising taxes," said Senator Wilson. 

Treasurers who take advantage of this increased flexibility will have the potential to generate additional revenue using a new category of investments.

"Warren County is grateful to our own Senator Steve Wilson for championing this legislation," said Barney Wright, Warren County Treasurer. "This bill recognizes that there are safe investments that county treasurers can make to increase investment income for the benefit all Ohioans."

Under current law, county treasurers are only permitted to invest in corporate bonds with the two highest credit ratings: AAA or AA ratings. Issuance of corporate paper within these categories is limited, and consequently county investment portfolios have been forced into concentrated positions and their effectiveness of having corporate debt securities available has been limited.

"This new investment option will give treasurers a chance to increase our portfolio income and improve diversification without significantly changing its risk profile. Though the changes are slight, they will have a positive impact on investment income and help us make a difference in our community where every dollar counts," said Carolyn Rice, Montgomery County Treasurer. 

Senate Bill 163 seeks to alleviate restrictions by providing county treasurers with the option to invest in bonds that are rated in the top three credit categories, adding A rated corporate bonds as an investment option for counties. This legislation would also expand the allowable maturity of securities from two to three years. 

"Simply put, this legislation would provide county treasurers greater flexibility and authority to make investment decisions that best fit their portfolio," added Wilson. 

Senate Bill 163 will now go to the House of Representatives where it will be referred to a committee for further consideration. 
# # #
Featured Posts

Wilson Encourages Area Residents To Recognize Ohio's Heroes On Vietnam Veterans Day


COLUMBUS—State Senator Steve Wilson (R-Maineville) is calling on residents to take a moment to recognize the lifelong achievements of veterans in our community by submitting nominations for the Ohio Veterans Hall of Fame. In Ohio, March 30 is recognized as Vietnam Veterans Day in honor of all those who served in the Vietnam War. Over 3,000 Ohioans were killed during this conflict, whose names are listed here.


Wilson Announces State's Capital Bill To Make $2.6 Billion Investment In Local Communities


COLUMBUS—State Senator Steve Wilson (R-Maineville) this week announced the introduction of the state's Capital Budget, a $2.6 billion investment in Ohio's infrastructure and local community projects. 


Wilson Introduces Legislation To Allow Online Notarization For The First Time In Ohio


COLUMBUS—State Senators Steve Wilson (R-Maineville) and Matt Huffman (R-Lima) this week introduced the "Notary Public Modernization Act" which will take a number of steps to update and enhance the notary public system in Ohio. For the first time, Ohioans will be able to get their documents notarized by connecting with a commissioned Ohio notary online, rather than face-to-face, utilizing live audio-video communications technology.


Wilson Invites Young Professionals To Apply For The 2019 Legislative Fellowship Program


“The Fellowship Program has a proven record of accepting motivated young professionals who are passionate about public service," said Senator Wilson. "I encourage anyone who wants to learn more about potential career paths in state government to consider applying for this prestigious program.”