05/02/1996 06:00 PM Senate L&C

                                                                               
                HB 550 INVESTMENTS BY FIDUCIARIES                              
                                                                             
 CHAIRMAN KELLY called the Senate Labor and Commerce Committee                 
 meeting to order at 6:00 p.m. and announced  HB 550  to be up for             
 consideration.  He said they had heard the bill in its Senate form.           
                                                                               
 KEVIN SULLIVAN, Federated Securities Corporation, said HB 550                 
 clarifies and updates the provisions of SB 131 which was signed               
 into law about three weeks ago.  It addresses primarily ambiguities           
 created by a narrow interpretation in some of the other states                
 regarding obligations of the U.S. Government.  Specifically this              
 bill adds to agencies and instrumentalities the Federal Home                  
 Administration, General Services Administration, U.S. Maritime                
 Administration, Small Business Association, Governmental Mortgage             
 Association, Housing and Urban Development, Obligations of the                
 Farmers Home Administration, Fanny May, Freddie Mac, Federal Land             
 Bank, Central Land Bank, Central Bank for Cooperatives, Federal               
 Intermediate Credit Bank, Student Loan Marketing, and Federal Home            
 Loan Banks.                                                                   
                                                                               
 SENATOR DUNCAN asked if this was the same as the Senate version.              
 MR. SULLIVAN replied that there are two differences, but they are             
 not substantive and regard the effective date.                                
                                                                               
 Number 55                                                                     
                                                                               
 SENATOR TORGERSON moved to pass HB 550 from committee with                    
 individual recommendations.  There were no objections and it was so           
 ordered.                                                                      
                                                                               
 SENATOR KELLY adjourned the meeting at 6:04 p.m.