California Assembly Bill AB-2500 Introduced to create a California Investment Trust (i.e., a State-Owned Bank)

http://www.leginfo.ca.gov • February 12, 2012

AB 2500State government: California Investment Trust: state bank.

SPONSORS: Rep. Hueso

This bill would establish the California Investment Trust within state government, and would authorize the trust to exercise various powers and duties relating to banking, including, among others, receiving and managing deposits from public funds, loaning money, engaging in financial transactions, and buying and selling federal funds. The bill would require all state money, as defined, to be deposited into the California Investment Trust. The bill would establish a California Investment Trust Board to be chaired by the Treasurer, and would establish an advisory board for purposes of advising the board. The bill would establish the California Investment Trust Fund for deposit of all state moneys, and would continuously appropriate those moneys to the board for expenditure, thereby making an appropriation of General Fund moneys. The bill would require the State Auditor to make specified audits of the trust, and require the State Auditor, Department of Finance, and the Controller to make specified reports to the Legislature with regard to the trust. The bill would exempt certain documents of the trust from public disclosure.

Status of the Bill is here.
Text of the Bill is here.
Pdf of the Bill is here.

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5 Responses

  1. Here’s hoping! Sadly the outlook is not good because of the distrust the State government has engendered of the last 30 years. “How do we know the ‘Trust’ will not become another cookie jar?|”

  2. Hopefully it will pass soon! Let’s do it.

  3. [...] Thank you, Wendy. I recommend that Anthony revise his statement because what he references is my request of four years ago that he explore the benefits of a state-owned bank. That point is the second-to-last of the seven I requested that my Assemblymember address. As Anthony and you may know, a state-owned bank proposal evolved into AB 750, passed by both houses and with Anthony’s vote, but vetoed by Governor Brown. The current version is AB 2500. [...]

  4. [...] This CAFR data-disclosed $8 trillion can be considered in context of California having its own bank to provide at-cost credit for local government entities. This means their “rainy day” funds in collective colossal amounts could be redirected back to Californians. AB 750, passed by Senate and Assembly but vetoed by Governor Brown, was a study to document advantages of the state having its own bank. The current version is AB 2500. [...]

  5. […] Thank you, Wendy. I recommend that Anthony revise his statement because what he references is my request of four years ago that he explore the benefits of a state-owned bank. That point is the second-to-last of the seven I requested that my Assemblymember address. As Anthony and you may know, a state-owned bank proposal evolved into AB 750, passed by both houses and with Anthony’s vote, but vetoed by Governor Brown. The current version is AB 2500. […]

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