Assemblyman Fred Thiele today announced that legislation he sponsored with Senator Jim Gaughran to expand the types of investment options available for counties to provide similar options as those available to NYC under current law (A.7209/S.6323) has been signed into law as Chapter 255 of the Laws of 2021.

Currently, all local governments have the authority to hold certain investments, subject to various restrictions and approvals that include special time deposit accounts; certificates of deposits; obligations of the USA or obligations guaranteed by agencies of the USA; and obligations of the New York State. However, New York City is temporarily authorized to invest in additional types of options that can be safely utilized and yield a better rate of return. This legislation would provide consistent investment option authorization for counties throughout the State until July 1, 2023 and will maximize every local government’s ability to provide greater taxpayer relief. This proposal was originally presented as part of the 2021-22 Executive Budget and is supported by the New York State Association of Counties (NYSAC).

Assemblyman Thiele stated, “County governments across the state are recovering from the financial devastation of the COVID-19 crisis. Expanding the investment options for New York’s counties will maximize returns for taxpayers and ensure a more fiscally sound recovery. I thank my colleagues and the Governor for recognizing the importance of this legislation, and NYSAC for their tremendous leadership and advocacy on behalf of our counties and local governments.”