Introduced in the Senate on September 18, 2008, to allow local governments to invest retirement funds, building and site funds, sinking funds, or general funds in a Certificate of Deposit Account Registry Service program, which spreads an investor's funds among as many member institutions as necessary so that no more than $100,000 is invested in any single institution -- thus allowing the investment to be fully covered by the FDIC insurance
The vote was 38 in favor, 0 opposed and 0 not voting
(Senate Roll Call 599 at Senate Journal 81)
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