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Legislator Questions
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All Questions (8)
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This BND internal reference also seems operative to answer the pertinent question: “BND has a robust internal audit department to ensure compliance with federal banking regulations and employs an aggressive external audit schedule as well.”
It’s Annual Report is made to the ND state “Industrial Commission. ” And… “The North Dakota Department of Financial Institutions provides audit oversight to Bank of North Dakota, but has no regulatory authority over BND.”
And… “BND is not FDIC Insured:
In contrast to most commercial banks, BND is not a member of the Federal Deposit Insurance Corporation (FDIC). North Dakota Century Code 6-09-10 provides that all BND deposits are guaranteed by the full faith and credit of the State of North Dakota.
Minneapolis Federal Reserve Bank:
BND has a business relationship with the Minneapolis Federal Reserve Bank. We do check processing, deposit excess cash balances, maintain a reserve requirement, safe keep all our Fed book entry securities and have discount window borrowing authority.
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It looks like there’s been a positive update in California on cannabis banking. The CA Legislature passed a bill that would allow for state chartered cannabis banks. Previously, the State Treasurer had recommended public banks NOt be allowed to accept business from cannabis businesses. Gavin Newsom approved the change allowing it this past September.
http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200SB
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Notes - Mayors (1)
Supports this bill
Likes “loaning our money to ourselves for income-stream infrastructure”
Milwaukie is creating Oregon’s only ADA compliant city. Infastructure cost of $52 million will cost 84mil to impliment due to interest and fees.
Mark will contact League of Oregon Cities to arrange a meeting. He will also share project costs so we can gin up scenarios using private vs public bank bonds.
Also interested in seeing Pot industry have a bank option
Suggested contacting Ted Labbe who is well-connected and out pushing Participatory Budgeting
Mark Gamba
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Notes - Representatives (3)
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Definitely interested in sponsoring!
In response to not asking too much of Rep Fahey: Don’t underestimate Julie Fahey. She has an incredible capacity; ask her to chief sponsor
Her Focus:
Wildfire Recovery! Smoke for people who didn’t lose houses, how do we help them with retrofits?
Local Improvement Districts and public banking
Check with governors’ council for economic recovery
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Notes - Senators (1)
Paul points out that ND is a lot like most of Oregon
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Sponsors (2)
Definitely interested in sponsoring!
In response to not asking too much of Rep Fahey: Don’t underestimate Julie Fahey. She has an incredible capacity; ask her to chief sponsor
Her Focus:
Wildfire Recovery! Smoke for people who didn’t lose houses, how do we help them with retrofits?
Local Improvement Districts and public banking
Check with governors’ council for economic recovery
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Paul points out that ND is a lot like most of Oregon
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Team Members (1)
I think it prudent to also point out something contained in my reply, which is that the “deposits are guaranteed by the full faith and credit of the State of North Dakota.” That got me to thinking that, at some point, this could become an issue, or question as it relates to any given municipal bank here. It seems that I recall someone several months ago saying that cites/municipalities are not legally allowed to lend their credit to a stand-alone bank even if it owns the bank. Yes/No?? Has this already been addressed, or resolved??
To Schedule (6)
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Wash County Commissioner
Does anyone know Dan’s position? You can enter it in the comment field.