Iowa SF246 mandates that state moneys invested in depository time certificates of deposit earn interest at least half the federal funds rate.
Iowa SF246 amends the interest rate requirement for state moneys invested in depository time certificates of deposit. It mandates that such investments must earn interest at least half the effective federal funds rate, as published by the Federal Reserve Bank of New York. This change applies to all investments in CDs by public bodies or officers other than the treasurer of state.
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