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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-306
MUNICIPAL FINANCE SUPPORT ACT OF 2017
SEPTEMBER 12, 2017.-Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 1624]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 1624) to require the appropriate Federal banking agen-
cies to treat certain municipal obligations as level 2A liquid assets,
and for other purposes, having considered the same, report favor-
ably thereon with amendments and recommend that the bill as
amended do pass.
The amendments are as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Municipal Finance Support Act of 2017.
SEC. 2. TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.
(a) IN GENERAL.-Section 18 of the Federal Deposit Insurance Act (12 U.S.C.
1828) is amended-
(1) by moving subsection (z) so that it appears after subsection (y); and
(2) by adding at the end the following:
(aa) TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.-
(1) IN GENERAL.-For purposes of the final rule titled 'Liquidity Coverage
Ratio: Liquidity Risk Measurement Standards; Final Rule' (79 Fed. Reg. 61439;
published October 10, 2014) (the 'Final Rule') and any other regulation which
incorporates a definition of the term 'high-quality liquid asset', the appropriate
Federal banking agencies shall treat a municipal obligation that is both liquid
and readily marketable (as defined in the Final Rule) and investment grade as
of the calculation date as a high-quality liquid asset that is no lower than a
level 2B liquid asset.
(2) DEFINITIONS.-For purposes of this subsection:
(A) INVESTMENT GRADE.-With respect to an obligation, the term 'invest-
ment grade' has the meaning given that term under part 1 of title 12, Code
of Federal Regulations.
69-006](ViewImageLocal?handle=hein.congrecreports/crptxaaph0001&div=1&collection=&method=preview&ext=.png&size=3)