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|Articles - March 2011|
|Wednesday, March 02, 2011|
Page 4 of 4
State legislators haven’t walked away from the ambitious project of establishing a state-run bank from scratch in Oregon. They’re running away from it. A bill introduced this session by Rep. Bob Jenson (R-Pendleton) calling for a North Dakota-style bank quickly morphed into a compromise proposal for an “Oregon Financing and Credit Authority” backed by Rep. Phil Barnhart (D-Eugene) with support from State Treasurer Ted Wheeler. Business groups such as the Oregon Business Association and Associated Oregon Industries have not yet taken a position on the issue.
The still-evolving compromise proposal calls for consolidating existing programs and funds rather than creating a new state bank. “We’ve spent a lot of time looking at how to use the assets we already have in a more productive way,” says Barnhart. “We could invest some of that money in lending to small businesses to build Oregon’s economy.”
Wheeler, whose role would change radically under a state bank system, says it makes sense to combine the state’s economic development offerings into one office that also participates in loans originated by local banks rather than competing with those banks. “We don’t need to replicate the North Dakota model,” Wheeler says. “I don’t think it would be a good use of public funds, and I don’t think it’s necessary. We can leverage off of the things already in place and achieve the same goals.”
For example, in late January Wheeler’s office reduced collateral requirements for banks that receive public fund deposits from 100% to 75% as a reflection of the improved economy. That freed up an estimated $600 million for local lending without costing taxpayers anything.
Wheeler says improving other existing programs and policies could bring similar results. He has shared his ideas with the bankers association and the Working Families Party, and the ironing out of details is under way.
The end product, should it become law, will probably share little in common with the much-idealized and feared Bank of North Dakota. It will not require the immediate hiring of bankers for state jobs. Nor will it endanger the liquidity of public funds or sap money from the general fund in times of intense cost-cutting. Wheeler, Barnhart and other supporters of the middle way are hoping it will help solve the credit problem without creating a fresh supply of new problems. Time will tell how deep their support reaches in a legislative session already packed with challenges.
Tuesday, August 26, 2014
BY DEBRA RINGOLD | OP-ED CONTRIBUTOR
Why has six years become an acceptable investment in public undergraduate education that over-promises and underperforms?
Tuesday, July 08, 2014
BY LINDA BAKER | OB EDITOR
The New Yorker recently published a sharply worded critique of “disruptive innovation,” one of the most widely cited theories in the business world today. The article raises questions about the descriptive value of disruption and innovation — whether the terms are mere buzzwords or actually explain today's extraordinarily complex and fast changing business environment.
Update: We caught up with Portland's Thomas Thurston, who shared his data driven take on the disruption controversy.
Thursday, August 28, 2014
OB Research Editor Kim Moore shares some pointers about the 100 Best Companies to Work For survey.
Wednesday, August 20, 2014
By Kim Moore | OB Editor
The 2015 survey launched this week. It is open to for-profit private and public companies that have at least 15 full- or part-time employees in Oregon.
Wednesday, July 02, 2014
BY JESSICA RIDGWAY | OB WEB EDITOR
Dress for Success Oregon promotes the economic independence of disadvantaged women by providing professional attire, a network of support and career development tools.
Monday, July 14, 2014
BY TERRY "STARBUCKER" ST. MARIE
I really didn’t know that much about angel investing, but I did know a lot about the entrepreneurial spirit.
Tuesday, August 19, 2014
BY TOM COX | OB BLOGGER
Tom Cox interviews Steve Balzac, author of "Organizational Psychology for Managers."
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