Epic boondoggle with State Gov’t bank idea (stop HB 2966)

HB 2966 would create a state bank
By Taxpayers Association of Oregon
OregonWatchdog.com

The same state government faulted for $2.9 billion in accounting errors by state auditors, $1.1 billion accidental over-spend by ODOT, and a government pension system (PERS) $28 billion debt now wants to create an official Oregon Government State Bank.

There is no pressing reason to make this giant leap in government expansion.

HB 2966 is a future financial boondoggle in the making.

HB 2966 is a slow financial train wreck.

House Bill 2966 SMS summary: “House Bill 2966 establishes a 14-member State Public Finance Task Force, with four legislators appointed by the presiding officers and 10 Oregonians appointed by the Governor with experience and expertise in a variety of areas related to banking, finance, business and government. The Task Force would be charged with examining methods that public bodies use to invest their funds, look for cost savings by using public financing practices, explore governing and corporate structures for public financing entities, and explore means of capitalizing public financing entities. The State Treasurer is tasked with providing staff support for the Task Force.”

HB 2966 is sponsored by Representative GAMBA, Senators GOLDEN, FREDERICK, Representatives ANDERSEN, EVANS;Representative WALTERS, Senators CAMPOS, PHAM K

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