Eva Knott 10:44 a.m., May 18
Governor Brown Shoots Down Hueso's State Bank Idea
On Monday, September 26, Governor Jerry Brown returned San Diego Assemblyman Ben Hueso's bill to create a task force tasked with establishing a state bank.
Earlier this month, the State Assembly approved the bill which would have directed task force members to explore the idea of creating a state bank, in return bolstering state and local economies.
According to the bill, states such as Oregon, Illinois, Florida, and Washigton have passed similar legislation
“California needs to be creative and examine how it can get credit flowing again to mobilize and strengthen its economy," Hueso said of the initiative. “The task force will look at innovative ways in which California can create an Investment Trust to address job retention and creation, low cost lending and other forms of income generating mechanisms.”
Governor Brown, however, believed creating a new task force would strengthen bureaucracy, not the economy.
"This bill would mandate yet another "blue ribbon" task force," read Brown's letter to the Assembly. "Rather than creating a new entity, let's use the resources we have."