MONTGOMERY, Ala. -- (AP) -- Alabama Gov. Robert Bentley has signed into law legislation that gives the state treasurer's office more flexibility in investing the state's money.
The bill was sponsored by Republican state Sen. Bryan Taylor of Prattville. It expands the kinds of investments that can be made with state funds.
State Treasurer Young Boozer said the changes were long needed. The changes allow the deposit of state money in all interest-bearing bank products and eliminate a 20 percent restriction for investment in Treasury and agency securities.
Boozer said the changes give the treasurer's office the flexibility it needs to improve investment strategies.
Before Taylor's bill passed, he said Alabama had the most restrictive investment guidelines in the nation. He said the new guidelines give the state the ability to pursue better investment options.