5 p.m., May 26
Assemblyman Ben Hueso Not Giving Up Proposal For A State Bank
Assemblyman Ben Hueso isn't backing away from his plan to create a state bank. Hueso believes a state-run Investment Bank would make it easier to track revenues, spur economic development by providing low-cost lending to small businesses, and generate extra revenue from interest and operations.
The Assemblyman has invested months on the idea.
Last September, Hueso pitched an idea of creating a task force to explore the idea of a state bank and to look at other state banks in Oregon, Illinois, Florida, and North Dakota. But Governor Brown squashed that idea, saying a task force would only add another level of bureaucracy.
"This bill would mandate yet another "blue ribbon" task force," read Brown's September 26 letter to the Assembly. "Rather than creating a new entity, let's use the resources we have."
Now Hueso is scraping the task force and proceeding with creating the state bank. According to a report from the Sacramento Business Journal, Hueso modeled the state bank after one in North Dakota.
In a November interview with Bloomberg News, Eric Hardmeyer, chief executive officer of the Bank of North Dakota, said has generated just under $350 million in earnings in 12 years time.
Hueso introduced the bill to the Assembly on February 24.
More like this:
- Senator Hueso busted for DUI, paper reports — Aug. 22, 2014
- State Legislature passes bill allowing developers to raid funds for infrastructure for private development — Sept. 6, 2012
- Ben Hueso and Toni Atkins Quietly Recreate Redevelopment Agencies under IFDs — June 14, 2012
- Bill Would Use Property Tax Revenue to Promote Renewable Energy Projects — March 19, 2012
- Governor Brown Shoots Down Hueso's State Bank Idea — Sept. 27, 2011