West Virginia Senate Bill SB398

West Virginia 2022 Regular Session

• Introduced: 1/17/22
• Refer: 1/17/22

Caption

Treasurer rule relating to selection of state depositories for receipt accounts

Impact

Passing SB398 would have a significant impact on how the West Virginia state government manages its financial transactions and interacts with banking institutions. By empowering the Treasurer, the bill seeks to streamline operations and mitigate risks associated with treasury management. The legislative rule will also establish criteria for selecting depositories, enhancing transparency and accountability in handling state funds. This bill is seen as a straightforward yet essential measure to bolster the state's financial framework.

Summary

Senate Bill 398 aims to amend and reenact section 64-9-1 of the Code of West Virginia, 1931, concerning the authority of the Treasurer to promulgate a legislative rule that governs the selection of state depositories for receipt accounts. The bill essentially formalizes the process by which the Treasurer can designate financial institutions to hold state funds, thereby ensuring efficient management of taxpayers' money. This legislative rule is crucial for maintaining the fiscal responsibility that the state has towards its constituents and aligns with best practices in treasury management.

Sentiment

The sentiment around SB398 appears to be generally positive, particularly among financial professionals and government officials who advocate for improved fiscal management practices. While no major opposition was noted in available discussions, the simplicity of the bill has made it somewhat uncontroversial. It is primarily viewed as an administrative enhancement rather than a contentious legislative change, suggesting a collaborative effort among lawmakers to improve state operations.

Contention

There are no notable points of contention surrounding SB398 as it mainly serves to update existing provisions relating to state financial practices. Its focus on authorizing the Treasurer to implement rules for selecting depositories suggests a consensus among legislators about the need for modernizing state financial operations. The lack of divisive elements indicates that stakeholders recognize the importance of effective treasury management without significant policy disagreements.