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Missouri earns $1 million more from interest payments

Friday, June 18, 2010 | 1:12 p.m. CDT

JEFFERSON CITY — State Treasurer Clint Zweifel says Missouri has earned an extra $1 million from interest so far this year.

Zweifel says the extra earnings result from changes in Missouri's investment rules.

State lawmakers approved a bill last year that gradually removes a cap on the interest banks must pay Missouri for deposits. The cap this year only applies to the first $7 million of government deposits.

Zweifel had urged lawmakers to eliminate the cap on interest.

Starting in 2014, Missouri will earn market interest rates on all its deposits. The treasurer's office estimates that will generate an extra $15 million annually.

 


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