SENATE LABOR AND COMMERCE COMMITTEE May 2, 1996 6:00 P.M. MEMBERS PRESENT Senator Tim Kelly, Chairman Senator John Torgerson, Vice Chairman Senator Mike Miller Senator Jim Duncan Senator Judy Salo MEMBERS ABSENT All members present COMMITTEE CALENDAR HOUSE BILL NO. 550 "An Act relating to investments by fiduciaries; and providing for an effective date." PREVIOUS SENATE COMMITTEE ACTION HB 550 - No previous action to consider. WITNESS REGISTER Kevin Sullivan Federated Securities Corporation P.O. Box 32819 Juneau, AK 99803 POSITION STATEMENT: Supported HB 550. ACTION NARRATIVE TAPE 96-31, SIDE A Number 001 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.