Repeals a law prohibiting public funds from being deposited in financial institutions that do not serve local community needs.
This bill repeals a section of Iowa law that prohibited public funds from being deposited in financial institutions that do not demonstrate a commitment to serving the local community. It also removes the requirement for the treasurer of state to create a list of eligible financial institutions and the need for public comments and annual submissions. The bill eliminates the process for challenging an institution's eligibility to receive public funds.
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