“This legislation will ensure that public depositors have additional tools and resources to maximize their investments.”
Milwaukee, WI (PRWEB) April 02, 2012
Wisconsin Governor Scott Walker signed new legislation today that will provide greater protection of funds invested by local governments and schools. Senate Bill 308 allows public depositors to use a deposit placement program that provides for full FDIC or NCUA insurance through a network of financial institutions.
The American Deposit Management Company (ADM) commends the Wisconsin Legislature for the passage of SB 308. “This legislation will fundamentally change the way public depositors look at their investment options. We applaud Senator Glenn Grothman and Representative Bill Kramer for championing this critical legislation to improve the protection of taxpayer funds,” said Kelly A. Brown, Managing Partner of ADM. “This legislation will ensure that public depositors have additional tools and resources to maximize their investments.” Brown, who was actively engaged in shaping the legislation, also stated, “Traditional collateralization of deposits has proven to impose significant administrative burden on local finance officers,” adding that “the ability to use a deposit placement program will streamline internal processes while providing even better protection of funds.”
This legislation, supported by the Wisconsin Bankers Association, Wisconsin Credit Union League and the League of Wisconsin Municipalities provides another method of safeguarding local organizations’ investments in these uncertain economic times.
“I am pleased that the legislature passed this bill,” says Cal Patterson, Director of Finance & Treasurer at the City of Franklin, Wisconsin. “Under this legislation, Wisconsin has clarified my belief that the use of a deposit placement program for public funds is an allowable investment vehicle. This program has saved our City time, money and most importantly, kept taxpayer funds safe. The beauty of the ADM program is that it allows me to send them a large deposit with the assurance that it will be placed with separate financial institutions providing me with FDIC/NCUA protection on the entire amount.”
"Given the changes in the financial environment, this bill allows public depositors to have more tools to protect the funds of the taxpayer,” said Jenean Lovelien, Director of Client Services at ADM. “We work with school districts from around the State of Wisconsin and know that their options have been limited. This legislation provides another tool for investing their operating cash as well as bond proceeds. It is a great addition to their investment options.”
Public Depositors from around the Midwest have already turned to The American Deposit Management Co. to find options for their cash. "Prior to this legislation, options available to public depositors forced a choice between risks in the investment vs. a competitive return on the funds. Our products offer both--safety and a competitive return," said Kelly A. Brown. “In this volatile market, we partner with our clients to protect taxpayer funds using products that offer federal insurance,” says Brown. “We are so pleased that this legislation has been passed. As a Wisconsin-based business, we take great pride in providing products and services that keep public funds safe.”
The American Deposit Management Co. is headquartered in Milwaukee, WI. With offices in Minnesota, Illinois, and Florida, they provide treasury management and financial services to privately-held companies and public entities in addressing their cash management obligations. The consultative approach used gives their clients a fuller relationship with direct access to decision makers. The American Deposit Management Co. offers best in class treasury management services across the United States.