Portland considers putting more money in local banks

Portland considers putting more money in local banks

The Portland City Council is considering investing part of the city's tax dollars in local credit unions and banks.

On Friday, Mayor Sam Adams released the draft of a three-page ordinance that would give the city some flexibility in investing its money in local credit unions and community banks. The city already deposits some of its money in local banks, but is prohibited by its rules, and some state regulations, from putting large amounts of money in credit unions.
Adams said the city has “a substantial amount of money invested in banks (about $37.4 million) and strives to maintain an investment portfolio that preserves the city’s principal while serving the liquidity needs of the City and also generating a fair return.”

Read more at The Portland Tribune.

{biztweet}portland local bank{/biztweet}