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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.
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.