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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.
Thursday, May 29, 2014
I was in a rut. A few months ago, I was at my desk trying to come up with cover story ideas for our June “green” issue. But I was stuck on a concept that is a bit too tried and true in the magazine business.
Monday, July 14, 2014
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I really didn’t know that much about angel investing, but I did know a lot about the entrepreneurial spirit.
Thursday, May 29, 2014
The CEO of Axiom EPM, Peri Pierone, and the co-founder of McMenamins, Mike McMenamin, share their recent reads.
Friday, June 13, 2014
BY CLIFF HOCKLEY | OB GUEST BLOGGER
This article summarizes the key considerations a building owner must keep in mind when thinking about leasing to a medical marijuana dispensary.
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For Far West Fibers, one of Oregon's largest and oldest mixed-recycling companies, garbage alchemy has long been big business.
Thursday, July 03, 2014
BY TED AUSTIN & MIKE BAELE | GUEST CONTRIBUTORS
The Office of Economic Analysis announced that Oregon is currently enjoying the strongest job growth since 2006. While this resurgence has been welcome, the lingering effects of the 2008 “Great Recession” continues to affect Oregon businesses, especially with regard to estate planning and business succession.
Friday, July 18, 2014
BY JASON NORRIS | OB GUEST CONTRIBUTOR
Back in May, we shared a common Wall Street quote about investing, “Sell in May and go away.” Fast forward to July and the most common question we have been getting from clients is, “When is the market pullback going to occur?”
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