OPP supported bill (HB2762)for State Bank study commission to be vetoed by Governor Kotek

The Oregon Public Banking Alliance's supported bill (SB2763) in the Oregon legislature passed with bi-partisan majority votes in both the OR House and OR Senate. Yet Gov. Kotek has indicated that she will veto the measure.

Oregon Progressive Party legal advisor, Dan Meek, submitted this letter to the Governor.

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The State of Oregon has over $115 billion of investment funds, much placed with those bankers and operators. They charge Oregon huge fees (not disclosed), likely over $1 billion annually, and invest almost 100% in businesses outside of Oregon.

That includes $223 million in “an Israeli company whose smartphone spyware has been used against dissidents, human rights defenders and journalists by repressive regimes” and “two prison companies that run immigrant detention facilities.” -- Associated Press (November 19, 2019)

Oregon and its counties, cities, and districts also pay to Wall Street huge fees of about 5% of the $3 billion in public works bonds floated annually.

So Wall Street gets paid to take our money and then gets paid again to loan it back to us.

Eject the middle men: create a STATE BANK OF OREGON to avoid fees and use our investment funds for Oregon-based public works, housing, small business opportunities. Local governments should borrow needed funds from our State Bank at much lower interest rates. See http://www.orpublicbank.org.

I learned that you are considering vetoing HB 2763, which would at least start the ball rolling with a study.
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