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Legislator Questions
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All Questions (8)
Does anyone know Dan’s position? You can enter it in the comment field.
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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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Category: Notes - Mayors
Notes - Representatives (3)
QUESTIONS:
Who oversees BND (regulatory agency?)
What other colleagues are interested? Who else is taking the lead?
Where does the Treasurer Reed stand on this? (would sway his opinion)
Where does Beaverton stand on this?
Affordable housing initiatives efforts have been tough…
related to COVID impact on opppurtunity zones
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Category: Notes - Representatives
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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Categories: Notes - Representatives, Sponsors
REP NERON WANTS THIS TO HAVE BIPARTISAN SUPPORT!
Is there Republican aversion to Dems being in charge and allowing this kind of thing? Do they see it as a power grab?
Her family is from North Dakota, and she felt an affinity with that history.
Her Questions:
How do Credit Unions feel about this?
What do the following people stand on Public Banks?
State treasurer
Dan Rayfield
Nancy Nathanson
Betsy Johnson
She advocated getting Mayors on board (this could be their legacy) and pointed to all the potential new mayors (I did not catch them all), including
Jules Walters
Julie Fitzgerald (former Republican) Wilsonville (running against Ben West)
Sarah or Ted in Portland
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Category: Notes - Representatives
Notes - Senators (1)
He suggested Republican Senators who might like it:
Finley
Hansel
Knopp
Greg Smith
Gerard
Republican House Membevers:
Sark
Helt
WANTS TO KNOW WHAT “COMPARABLE” STATES ARE DOING (Not N. Dakota or California)
Need to show how Public Banks SUPPORT CONSUMER BANKS and Credit Unions and the whole banking environment.
Suggested connected with
Find out who elected officials are in other states through the National Conference of State Legislators (NCSL)
He can have his office reach out but we need to follow up
He says we should get support of Chairs of Committees:
Business & Labor
Revenue Committee
Ways & Means
Rules
Paul points out that ND is a lot like most of Oregon
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Categories: Notes - Senators, Sponsors
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
Comment on this FAQ
Categories: Notes - Representatives, Sponsors
He suggested Republican Senators who might like it:
Finley
Hansel
Knopp
Greg Smith
Gerard
Republican House Membevers:
Sark
Helt
WANTS TO KNOW WHAT “COMPARABLE” STATES ARE DOING (Not N. Dakota or California)
Need to show how Public Banks SUPPORT CONSUMER BANKS and Credit Unions and the whole banking environment.
Suggested connected with
Find out who elected officials are in other states through the National Conference of State Legislators (NCSL)
He can have his office reach out but we need to follow up
He says we should get support of Chairs of Committees:
Business & Labor
Revenue Committee
Ways & Means
Rules
Paul points out that ND is a lot like most of Oregon
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Categories: Notes - Senators, Sponsors
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??
Category: Team Members
To Schedule (6)
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Wash County Commissioner
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