​The Legislature continued to “slow walk” the process, as only 10 bills were advanced from General File to Select File during the past week. With the deadline for designating priority bills rapidly approaching, opportunities for bills without priority designation to be adopted is diminishing. It is anticipated that Committees will, more than usual, be combining multiple bills into Committee priority bills to maximize their ability to push measures across the finish line. 

LB 483 will be heard by the Banking, Commerce and Insurance Committee on Tuesday, March 7. The bill, introduced by Senator Jane Raybould (Lincoln), would authorize a state or federal credit union to hold public deposits of the state or any political subdivision of the state.
 
A “Background Paper” setting forth additional information and talking points accompanies this NBA Legislative Update for your assistance in contacting members of the Banking, Commerce and Insurance Committee to encourage opposition to the measure.

The Legislature has withdrawn the following bills, opposed by the NBA, from further consideration this session:
 
LB 476 - Public Entities Investment Trust Act
Introduced by Senator Justin Wayne (Omaha), LB 476 would have authorized the creation of trusts to provide an investment pool into which all public entities (excluding the state of Nebraska and any agency thereof) may deposit funds.
 
LB 594 - Local Government Investment Pools
Senator Brian Hardin (Gering) is the sponsor of LB 594, a bill that would have authorized a local government investment pool created under the laws of the state, including the Interlocal Cooperation Act, to allow for the purpose of investing the funds of two or more political subdivisions in commercial paper if the commercial paper a) has a stated maturity of 390 days or fewer from its date of issuance; and b) receives an investment quality rating of not less than A-1 or P-1, or an equivalent rating, by a nationally recognized investment rating firm.

The Appropriations Committee continues to conduct hearings on State Agency budget requests and must also process 73 other pending bills which have been referred to the Committee. The Committee released its preliminary budget late last week, which contains the following highlights:

1. Adoption of most of Governor Pillen’s mainline bills’ proposed budget items
2. $1 billion in initial funds and $250 million in funds per year thereafter for the Governor’s Education Future Fund to provide foundation aid and additional special education funding for schools
3. Delayed any recommendation on the Governor’s proposed 2% funding increase for the University of Nebraska
   
4. Proposed spending of $246.5 million more than the Governor’s proposed budget, leaving approximately $465 million above the minimum reserve requirement compared to the $218 million that the Governor has left for additional spending or tax cuts.

The following bills, opposed by the NBA, will be heard before the Revenue Committee:
 
Revenue Committee – March 3

LR 6CA – Proposed Constitutional Amendment/Consumption Tax
Introduced by Senator Steve Erdman (Bayard), LR 6CA would prohibit governmental entities from imposing any taxes other than retail consumption taxes and excise taxes.
 
LR 7CA – Proposed Constitutional Amendment/Consumption Tax
Also introduced by Senator Erdman, LR 7CA would require the state to impose a consumption tax or an excise tax on all new goods and services and to provide a tax exemption for grocery items.
 
LB 79 - Taxation Consumption Tax Act
Senator Erdman also introduced LB 79, which would eliminate all property, income and corporate taxes and replace it with a tax on the use or consumption in the state of Nebraska of taxable property or services (excludes intangible property and services) at a rate of 7.5%.  The legislation would impose the consumption tax on financial intermediation services, including explicitly and implicitly charged fees for financial intermediation services to be collected with the same frequency that statements are rendered by the financial institution, but not less frequently than quarterly.

Issue: LB 483 - Credit Union Access to Public Funds
Introducer: Senator Jane Raybould (Lincoln)
NBA Position: OPPOSED

Background:
The following bill that would expand the powers of credit unions in Nebraska has been introduced, which is opposed by the NBA.
 
LB 483 would authorize a state or federal credit union to hold public deposits of the state or any political subdivision of the state.

Arguments in Opposition to LB 483:

1. Historically, credit unions were created as non-profit corporations to allow low-income individuals an opportunity to pool resources to access capital. The State of Nebraska and political subdivisions are not entitled to be members of credit unions pursuant to the Nebraska Constitution. Allowing credit unions to receive deposits from non-members moves credit unions an additional step away from their roots.
2. Credit unions do not contribute to the public coffers by paying their “full and fair” share of taxes, and therefore should not be allowed to feed from the public trough by being able to hold public deposits.
3. It is widely recognized that banks serve their entire community and are subject to extensive Community Reinvestment Act (CRA) laws and regulations under federal law. By contrast, credit unions are generally viewed as serving a defined membership and are not subject to CRA regulation. Every dollar of public funds deposited in a bank creates approximately $10 in new loans to families and businesses in these very communities.
   
4. Deposits represent part of the raw materials that fuel the banking industry in Nebraska. If public deposits are siphoned off to financial providers who pay no federal or state income taxes, or a reduced share of these taxes, tax-paying banks and savings and loans will be left with a smaller base from which to generate income and pay taxes.

Please contact the members of the Banking, Commerce and Insurance Committee set forth below to encourage them to OPPOSE LB 483.

• Julie Slama (District 1), chairperson | [email protected] | (402)-471-2733
• Ray Aguilar (District 35) | [email protected] | (402)-471-2617
• Beau Ballard (District 21) | [email protected] | (402)-471-2673
• Eliot Bostar (District 29) | [email protected] | (402)-471-2734
• George Dungan (District 26) | [email protected] | (402)-471-2610
• Mike Jacobson (District 42) | [email protected] | (402)-471-2729
• Kathleen Kauth (District 31) | [email protected] | (402)-471-2327
• Brad von Gillern (District 4) | [email protected] | (402)-471-2621

Lawmakers adjourned on Thursday for a long, four-day weekend. With one-third of the 2023 Legislative Session in the books, much work remains. Having completed two weeks of two-a-day Committee hearings, the Legislature scheduled initial floor debate on bills that had advanced from Committee on Monday, February 13. Unfortunately, the Legislative body ground to a screeching halt over confirmation reports (Gubernatorial appointments) that typically take a few minutes each to process, by spending three full mornings of debate (approximately eight hours) on the confirmation reports. At long last, on Thursday morning, bills on General File were debated, with 12 bills advanced to Select File, including three bills on the NBA Affirmative Legislative agenda.

The following NBA Affirmative Legislative bills were debated on the floor of the Legislature on Thursday morning and have been advanced to Select File:
 
LB 94 – UCC Article 12
Introduced by Senator Julie Slama (Dunbar), LB 94 would adopt Uniform Commercial Code, Article 12, relating to controllable electronic records. (NBA Position: Support)
 
LB 207 – Trust Deeds - Location of Trustee's Sale
Senator Brad von Gillern (Omaha) is the sponsor of LB 207, which would clarify that the sale of property pursuant to a power of sale under a trust deed may be conducted on the premises, at the county courthouse, or in any public building in which county offices are located within the county in which the property to be sold is situated. (NBA Position: Support)

LB 279 – Executive Officer Reporting Requirements
Senator Kathleen Kauth (Omaha) introduced LB 279, which would eliminate the requirement for executive officers to make annual reports regarding the amount of loans or indebtedness on which he or she is a borrower, cosigner, or guarantor, the security therefor, and the purpose for which the proceeds have been or are to be used. (NBA Position: Support)
 
In response to concerns expressed by the Nebraska Department of Banking and Finance, a Committee amendment to allow the Board of Directors to retain flexibility to obtain a credit report for its executive officers on an annual basis was adopted prior to advancing the bill.

The following bills, opposed by the NBA, were heard before the Banking, Commerce and Insurance Committee on February 13:
 
LB 730 - Fair Access to Financial Services Act
Introduced by Senator Rick Holdcroft (Bellevue), LB 730 would restrict financial institutions from limiting access to financial services (financial product or service) for any reason other than objective financial criteria. The bill would prohibit a financial institution from denying any person a financial service offered by the financial institution unless justified by such person’s documented failure to meet quantitative, impartial and risk-based financial standards established in advance by the financial institution. (NBA Position: Oppose)

Many thanks to Brad Koehn, Midwest Bank (Lincoln), and Nick Vrba, First State Bank & Trust Co. (Fremont), for testifying in opposition to LB 730 on behalf of the NBA. Koehn noted that the bill, by only allowing provisions of banking services to be denied based on “quantitative, impartial, and risk-based financial standards” would prevent a bank from utilizing the “CHARACTER” component of the five-C’s of credit and management experience in making loan decisions.
 
Vrba suggested to the Committee that “banks should be free to lend to, invest in, and generally do business with any entity or activity that is legal, without government interference. Banks should be free not to lend, invest, or otherwise engage so long as they do not violate statutory, regulatory, fair lending or other anti-discrimination laws.” He also noted that “the free-market approach to banking industry regulation has produced the strongest and most resilient financial system in the world.”

LB 743 - Investment Neutrality in Public Funds Act
Also introduced by Senator Kauth, LB 743 would require any investment manager, fiduciary, governing body or financial institution in making and supervising investments of any public fund to discharge its duties solely in the financial interest of the beneficiaries for the exclusive purposes of a) providing financial benefit to the beneficiaries, and b) defraying reasonable expenses related to administration of the benefits.
 
The bill would require a fiduciary to take into account only financial (having a material effect on the financial risk of the financial return of an investment) factors when discharging its duties with respect to investments of public funds (financial does not include any action taken, or factor considered, by a fiduciary with any purpose whatsoever to further social, political, or ideological interests). (NBA Position: Oppose)
 
NBA General Counsel Bob Hallstrom testified in opposition to LB 743, indicating that an investment manager’s fiduciary duty currently prohibits utilization of ESG factors for personal reasons by the fiduciary and that prohibiting a fiduciary from investing in certain, specified types of investments that may be in the financial best interests of beneficiaries inhibits the ability of a fiduciary to fulfill its obligations to the beneficiaries.

​2023 SESSION, 108TH LEGISLATURE

Friday marked the 26th day of the long, 90-day 2023 Legislative Session and the end of two-a-day Committee hearings. When lawmakers convene next Monday morning, floor debate will commence on initial bills that have advanced from Committee to General File.

A number of bills on the NBA Affirmative Legislative agenda got out of the chute early and should be debated on the floor of the Legislature early next week, including the following:

LB 94 - UCC Article 12
Introduced by Senator Julie Slama (Dunbar), LB 94 would adopt Uniform Commercial Code, Article 12, relating to controllable electronic records. (NBA Position: Support)

LB 207 - Trust Deeds - Location of Trustee's Sale
Senator Brad von Gillern (Omaha) is the sponsor of LB 207, which would clarify that the sale of property pursuant to a power of sale under a trust deed may be conducted on the premises, at the county courthouse, or in any public building in which the county offices are located within the county in which the property to be sold is situated. (NBA Position: Support)

LB 279 - Executive Officer Reporting Requirements
Senator Kathleen Kauth (Omaha) introduced LB 279, which would eliminate the requirement for executive officers to make annual reports regarding the amount of loans or indebtedness on which he or she is a borrower, cosigner, or guarantor, the security therefor, and the purpose for which the proceeds have been or are to be used. (NBA Position: Support)

In response to concerns expressed by the Nebraska Department of Banking and Finance, an amendment was agreed to by the NBA and adopted by the Committee to allow the Board of Directors to retain the flexibility to obtain a credit report for its executive officers on an an​nual basis.

The following bills, opposed by the NBA, will be heard before the Banking, Commerce and Insurance Committee on February 13:

Action Needed - Oppose LB 730 and LB 743!

LB 730 - Fair Access to Financial Services Act
Introduced by Senator Rick Holdcroft (Bellevue), LB 730 would restrict financial institutions from limiting access to financial services (financial product or service) for any reason other than objective financial criteria. The bill would prohibit a financial institution from denying any person a financial service offered by the financial institution unless justified by such person's documented failure to meet quantitative, impartial and risk-based financial standards established in advance by the financial institution. (NBA Position: Oppose)

LB 743 - Investment Neutrality in Public Funds Act
Also introduced by Senator Kauth, LB 743 would require any investment manager, fiduciary, governing body or financial institution in making and supervising investments of any public fund to discharge its duties solely in the financial interest of the beneficiaries for the exclusive purposes of a) providing financial benefit to the beneficiaries, and b) defraying reasonable expenses related to administration of the benefits.

The bill would require a fiduciary to take into account only financial (having a material effect on the financial risk of the financial return of an investment) factors when discharging its duties with respect to investments of public funds (financial does not include any action taken, or factor considered, by a fiduciary with any purpose whatsoever to further social, political, or ideological interests). (NBA Position: Oppose)

A "Background Paper" setting forth additional information and "talking points" on LB 730 and LB 743 accompanies this NBA Legislative Update for your assistance in contacting members of the Banking, Commerce, and Insurance Committee to encourage opposition to the measures.

The NBA presented testimony before a number of Committees during the past week, including the following:

Government, Military & Veterans Affairs Committee - February 7
LB 116 - Beginning Farmer Tax Credit Act
Introduced by Senator Tom Brandt (Plymouth), LB 116 would increase the net worth requirements for individuals to be qualified as a beginning farmer or livestock producer under the Beginning Farmer Tax Credit Act from $200,000 to $1 million (pension, retirement, or other types of deferred benefit accounts owned by the beginning farmer or livestock producer, including such accounts owned by a spouse or dependent would be excluded from the determination of a qualified beginning farmer's or livestock producer's net worth). (NBA Position: Support)

Government, Military & Veterans Affairs Committee - February 9
LB 268 - Political Subdivision Investment Pool
Introduced by Senator Steve Halloran (Hastings), LB 268 would authorize any political subdivision ​vested with taxing authority including quasi-public entities, joint public agencies created pursuant to the Joint Public Agency Act and joint entities created pursuant to the Interlocal Cooperation Act located in Nebraska to participate in a trust or investment pool established within the office of the State Treasurer. (NBA Position: Oppose)
 
A big thanks to the many bankers who contacted members of the Government, Military, and Veterans Affairs Committee to express opposition to LB 268. Senator Halloran in his opening remarks indicated that the was asking the Committee to hold the bill and take no action this session.

Issue - Environmental, Social, and Governance (LB 730 / LB 743)

NBA Position: Oppose

Background:
The following bills, opposed by the NBA, have been introduced which would require adherence to anti-Environmental, Social, Governance (ESG) policies for financial institutions in Nebraska.
 
LB 730 (Introducer – Senator Rick Holdcroft, Bellevue) would restrict financial institutions from limiting access to financial services (financial product or service) for any reason other than objective financial criteria. The bill would prohibit a financial institution from denying any person a financial service offered by the financial institution unless justified by such person’s documented failure to meet quantitative, impartial, and risk-based financial standards established in advance by the financial institution.
 
LB 743 (Introducer – Senator Kathleen Kauth, Omaha) would require any investment manager, fiduciary, governing body or financial institution in making and supervising investments of any public fund to discharge its duties solely in the financial interest of the beneficiaries for the exclusive purposes of a) providing financial benefit to the beneficiaries, and b) defraying reasonable expenses related to administration of the benefits.
 
The bill would require a fiduciary to take into account only financial (having a material effect on the financial risk of the financial return of an investment) factors when discharging its duties with respect to investments of public funds (financial does not include any action taken, or factor considered, by a fiduciary with any purpose whatsoever to further social, political, or ideological interests).

Arguments in Opposition to LB 730 / LB 743:

1. Banks should be free to lend to, invest in, and generally do business with any entity or activity that is legal, without government interference. 
2. Banks should be free not to lend, invest, or otherwise engage so long as they do not violate statutory, regulatory, fair lending or other anti-discrimination laws. 
3. The free-market approach to banking industry regulation has produced the strongest and most resilient financial system in the world. Efforts by policymakers from all sides of the political spectrum to intervene in the intermediation of capital risks undermine that system. 
4. Nebraska banks make decisions every day based on their business interests. These business decisions are made with the primary goal of return on investment. Environmental, social and governance risks should not be considered separate categories of risk, as they are already embedded in the risks banks currently assess, monitor, and mitigate. 
5. When policymakers use banks to impose unrelated policy goals, bank customers and communities get caught in the middle, and end up the losers.

Please contact the members of the Banking, Commerce and Insurance Committee set forth below to encourage them to OPPOSE LB 730 and LB 743.

• Julie Slama (District 1), chairperson | [email protected] | (402)-471-2733
• Ray Aguilar (District 35) | [email protected] | (402)-471-2617
• Beau Ballard (District 21) | [email protected] | (402)-471-2673
• Eliot Bostar (District 29) | [email protected] | (402)-471-2734
• George Dungan (District 26) | [email protected] | (402)-471-2610
• Mike Jacobson (District 42) | [email protected] | (402)-471-2729
• Kathleen Kauth (District 31) | [email protected] | (402)-471-2327
• Brad von Gillern (District 4) | [email protected] | (402)-471-2621

NBA presented testimony before a number of Committees during the past week, including the following:

Business and Labor Committee – January 30
LB 249 – Rural Workforce Housing Investment Act
Introduced by Senator Tom Briese (Albion), LB 249 would expand the definition of workforce housing to include housing that does not receive federal or state low-income housing tax credits, community development block grants, home funds, funds from the National Housing Trust Fund, or funds from the Affordable Housing Trust Fund, thereby allowing for the use of such funds, together with Rural Workforce Housing Investment Funds. The bill would also allow a nonprofit development organization to apply for more than one grant subject to a limitation on the maximum amount of grant funds awarded to such nonprofit development organization over a two-year period to no more than $5 million. (NBA Position: Oppose)
 
NBA General Counsel Bob Hallstrom expressed concern that removing the “anti-stacking” provisions in current law would impose income-based restrictions on Rural Workforce Housing projects and adversely impact the program. 
 
Banking, Commerce and Insurance Committee - January 30
LB 67 – Public Funds
Introduced by Senator Julie Slama (Sterling), LB 67 would require the state treasurer to ensure that money deposited by the state treasurer’s office is not used by financial institutions for social or political causes or objectives. (NBA Position: Oppose and Seek Amendments)
 
LB 669 – Department of Banking Conditional Orders
Introduced by Senator Beau Ballard (Lincoln) LB 669 would authorize the director of the Department of Banking to prescribe conditions for banks, trust companies, credit unions, building and loan associations, savings and loan associations, digital asset depositories, and their holding companies, if any, as part of any written order, decision, or determination required to be made pursuant to the Nebraska Banking Act, Chapter 8, Article 3, the Credit Union Act, and the Nebraska Financial Innovation Act. (NBA Position: Support)
 
LB 674 – Nebraska Financial Innovation Act
Introduced by Senator Mike Jacobson (North Platte), LB 674 would make technical corrections to the Nebraska Financial Innovation Act regarding digital asset depositories. (NBA Position: Support)
 
Revenue Committee - February 1
LB 589 – School District Property Tax Limitation Act
Also introduced by Senator Briese, LB 589 which would prohibit a school district from making a property tax request for any year in excess of 3% more than its property tax request in the prior year, or the percentage increase in the Consumer Price Index except with approval of the majority of its school board or by a 60% majority of the registered voters in a Primary, General or Special Election. (NBA Position: Support)
 
Revenue Committee - February 2
The following bills contained within Governor Pillen’s package of individual and corporate income tax rate reduction legislation were the subject of public hearings before the Revenue Committee on February 2.

LB 754 – Taxation - Corporate Income Tax Reductions
Introduced by Senator Lou Ann Linehan (Elkorn) LB 754 would reduce the maximum individual income tax rate from 6.84% to 3.99% and also reduce the maximum corporate income tax rate from 7.25% to 3.99% over the next five years. (NBA Position: Support)

LB 804 – Taxation - Corporate Income Tax Reductions
Senator Brad von Gillern (Omaha) is the sponsor of LB 804 which would reduce the maximum corporate income tax rate from 7.25% to 5.84% on January 1, 2023. (NBA Position: Support)

LB 806 – Taxation - Individual Income Tax Reduction
Senator von Gillern (Omaha) has also introduced LB 806 which would reduce the maximum individual income tax rate from 6.84% to 5.84% on January 1, 2023. (NBA Position: Support)
 
Judiciary Committee- February 2
LB 330 - Small Estate Affidavit - Endorsement of Checks
Senator Wendy DeBoer (Omaha) has introduced legislation (LB 330) on behalf of the NBA which would change provisions relating to small estate affidavits and the negotiation of checks made payable “to the estate of” by authorizing a financial institution to accept such a check endorsed by the successor named in a small estate affidavit. The bill would clarify in the law to avoid the need to have a new check issued by the drawer of the check under such circumstances. (NBA Position: Support)
 
LB 579 - Nebraska Uniform Real Property Transfer on Death Act
Senator DeBoer is also the sponsor of LB 579 which Would require a transfer on death deed to contain a WARNING that following the death of the transferor, the transferor’s insurance policy covering the property transferred is only effective for 60 days thereafter. The legislation would also provide that upon a transfer of real estate pursuant to a recorded transfer on death deed, that the beneficiary of the transfer on death deed becomes the named insured under any policy insuring the property for a period of 60 calendar days immediately following the death of the insured. (NBA Position: Support)

Revenue Committee- February 3
LB 641 – Taxation - Social Security Benefits
Introduced by Senator Kathleen Kauth (Omaha) LB 641 would exclude 70% of Social Security benefits included in federal adjusted gross income from state taxation beginning January 1, 2023, and 100% of such benefits beginning January 1, 2024. (NBA Position: Support)

Government, Military & Veterans Affairs Committee - February 7
LB 116 - Beginning Farmer Tax Credit Act
​Introduced by Tom Brandt (Plymouth) LB 116 would increase the net worth requirements for individuals to be qualified as a beginning Farmer or livestock producer under the beginning Farmer Tax Credit Act from $200,000-$1 million (pension, retirement, or other types of deferred benefit accounts owned by the beginning farmer or livestock producer, including such accounts owned by a spouse or dependent would be excluded from the determination of a qualified beginning farmer’s or livestock producer’s net worth). (NBA Position: Support)

Government, Military & Veterans Affairs Committee - February 9

LB 268 - Political Subdivision Investment Pool
Introduced by Senator Steve Halloran (Hastings) LB 268 would authorize any political subdivision vested with taxing authority including quasi-public entities, joint public agencies created pursuant to the Joint Public Agency Act and joint entities created pursuant to the Interlocal Cooperation Act located in Nebraska to participate in a trust or investment pool established within the office of the State Treasurer. (NBA Position: Oppose)
 
LB 268 will be heard by the Government, Military and Veterans Affairs Committee on Thursday, February 9. A “Background Paper” setting forth additional information and talking points accompanies this NBA Legislative Update for your assistance in contacting members of the Government, Military and Veterans Affairs Committee to encourage opposition to the measure.

Over 60 bankers were in attendance at the NBA Government Relations Forum on Thursday, January 26. Bankers enjoyed lunch with state senators and presentations in the afternoon by a panel of state senators (Senator Julie Slama, Senator Mike Jacobson and Senator Rob Clements); Kelly Lammers, Director of the Department of Banking and Finance; and Mike Higers, Attorney General.
 
NBA General Counsel Bob Hallstrom gave an overview of the legislative session activities and a review of the bills of interest to the NBA. Associate General Counsel Ryan McIntosh moderated the state senator panel. The NBA Government Relations Committee and Board of Directors met in conjunction with the State Government Relations Forum and have established the NBA's formal positions on bills of interest to the banking industry.  The Bill Summary will be forwarded with next week’s NBA Legislative Update.

​NBA Position: Opposed

Background:
A series of bills, including LB 268, have been introduced this session that would allow local political subdivisions to band together to form investment pools. Introduced by Senator Steve Halloran (Hastings) LB 268 would authorize any political subdivision vested with taxing authority including quasi-public entities, joint public agencies created pursuant to the Joint Public Agency Act and joint entities created pursuant to the Interlocal Cooperation Act located in Nebraska to participate in a trust or investment pool established within the office of the State Treasurer.
 
In contacting members of the Government, Military and Veterans Affairs committee listed below, please consider making the following arguments in opposition to LB 268.

Arguments in Opposition to LB 268:

1. Nebraska law has long recognized that the best and safest place for public deposits is in the local bank. Public deposits are FDIC insured up to $250,000, with additional protection provided in the form of a pledge of securities equal to at least 102% of the amount of deposits in excess of the FDIC-insured amount.
2. Local banks put public deposits to good and beneficial use in the form of loans and investments that spur, grow, and invigorate local economies.
3. LB 268, through the proposed creation of the Nebraska State Treasurer administered investment trust or pool, would provide an air of statutory credibility that will result in investments being made by the local political subdivision through the trust or pool, that it would not otherwise make directly. In other states with similar state-run investment trusts or pools, local political subdivisions are required to adopt formal investment policies regarding the investment of funds in the trust or pool and local officials are required to undertake education and training to understand the types of investments and risks associated with investments through the trust or pool. No formal investment policy or education and training is required under any of these proposals.
4. Nebraska law provides a restricted list of securities or types of collateral which may be pledged to secure public deposits, including U.S. Treasury Bonds and political subdivision bonds backed by a state government. The investments suggested by these trusts or pools go well-beyond the restricted list of securities or types of collateral that Nebraska political subdivisions accept as “safe” collateral and are a gamble with taxpayer dollars. None of the proposed types of investments are protected by FDIC insurance.

Please contact the members of the Government, Military & Veterans Affairs Committee set forth below to encourage them to oppose LB 268.

• Sen. Tom Brewer, Chairperson (District 43) | [email protected] | (402)-471-2711
• Sen. Raymond Aguilar (District 35) | [email protected] | (402)-471-2617
• Sen. Danielle Conrad (District 46) | [email protected] | (402)-471-2720
• Sen. Steve Halloran (District 33) | [email protected] | (402)-471-2712
• Sen. Megan Hunt (District 8) | [email protected] | (402)-471-2722
• Sen. John Lowe (District 37) | [email protected] | (402)-471-2726
• Sen. Jane Raybould (District 28) | [email protected] | (402)-471-2733
• Sen. Rita Sanders (District 45) | [email protected] | (402)-471-2615