Update: Louisiana House Bill HCR144 Introduced to Study the Creation of a State-owned Bank

Louisiana House Bill HCR144 Introduced to Study the Creation of a State-owned Bank • June 9, 2011

Sponsor: Representative Schroder

BILL NUMBER: HCR144

Banks/Banking: Requests the state treasurer and the Office of Financial Institutions
to jointly study the creation of a state-owned bank

To urge and request the state treasurer and the Office of Financial Institutions to jointly study the feasibility of creating a state-owned bank and report any findings or recommendations to the legislature prior to the start of the 2012 Regular Session of the Legislature.
WHEREAS, the banking industry is a vital component to the economy in the state of Louisiana; and
WHEREAS, the state of North Dakota has established a state-owned and state secured bank; and
WHEREAS, all state funds, as well as funds administered by state and local agencies are deposited with the Bank of North Dakota, creating a large deposit base; and
WHEREAS, in addition to paying a competitive interest rate to the state treasurer, the Bank of North Dakota also invests its money in loan programs to spur economic development within the state; and WHEREAS, the bank of North Dakota regularly turns over a portion of its profits to the state general fund; and
WHEREAS, over the past decade, the Bank of North Dakota has turned over approximately one-third of $1,000,000,000 to the state general fund; and
WHEREAS, despite the recent financial crisis, the Bank of North Dakota earned profits in 2008, with net earnings of approximately $57,000,000;

Bill Summary: HCR144 Summary
Bill Text: HCR144 Text

Bookmark and Share

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: