SF0055-Special Purpose Depository Institution-Amendments

***LAC is the Legislative Action Committee of the RWSC (Republican Women of Sheridan County).  Below is the main message showing our position and reasons why we support or oppose a bill.   

 We oppose SF0055 Special purpose depository institution-amendments, for the following reasons:

· This bill weakens any safety and soundness requirements for Special Purpose Funds.  Example:  the jurisdiction would be given to the chancery court (non-jury trial court) to hear and decide appeals of any decision of the state banking board or the state banking commissioner as stated in 5-13-115(g).

· This bill provides special allowances and favoritisms for a segment of financial entities that are not allowed in other state or community or federal banks, credit unions or even investment firms.

· This bill is being amended to serve the Wyoming Stable Token and could ultimately give unfair advantage against existing community banks.

· This bill would pick winners and losers which is contrary to the Wyoming Republican Platform.

Thank you!