California Assembly Bill 750 Introduced to Study the Feasibility of a CA State-owned Bank • February 17, 2011
Sponsor: Assemblyman Ben Hueso
Bill: AB 750
Entitled: Bergeson-Peace Infrastructure and Economic Development Bank Act.
Text: AB750 Text
Excerpt: This bill would establish the investment trust blue ribbon task force to consider the viability of establishing the California Investment Trust, which would be a state bank receiving deposits of all state funds. The trust would support economic development, provide financing for housing development, public works and educational infrastructure, provide stability to the financial sector, provide state government banking services, lend capital to specified financial institutions, and provide for excess earnings of the trust to be used for state General Fund purposes. The bill would establish the membership of the task force, which would include designated Members of the Legislature and designees of the Governor, Controller, and Treasurer, and would require the expenses of the task force to be paid by the Senate and Assembly. The bill would require the task force to report to the Legislature by December 1, 2012, on its finding and recommendations relating to the viability of establishing the California Investment Trust, as specified.
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