Has Wheeler Closed the Door on a State Bank?

During the last legislative session, Treasurer Wheeler was in full support of what he dubbed a "virtual" State Bank, and what thousands of Oregonians like you supported with your letters, phone calls, and trips to Salem.

However, last week Treasurer Wheeler made a statement that sounds like he's changing his tune, saying that his proposed Oregon Investment Act (OIA) "is not a back-door proposal to create a state bank, as some progressives have called for." [1]

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To be clear, there ARE some things to like about the Oregon Investment Act.  It has language aimed at helping get loans to Oregon small businesses. However, the bill also places a strong focus on incentivizing so-called "venture capital" expansion, going so far as to create tax advantages for venture capital firms should they bring their money to Oregon.

Right now, 66% of all bank deposits in the state are held by just five out-of-state banks.  We need to be taking steps aimed at breaking our dependence on Wall Street, not further entrenching Oregon's reliance on out-of-state financial institutions.  The OIA doesn't address this fundamental problem.

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We came close to passing the "virtual" State Bank bill last legislative session and we can't let up now.  The Oregon Investment Act provides an opportunity for the Treasurer to renew his support for state investment practices that focus on helping Oregon's small businesses and family farms - but that's certainly not what it emphasizes now.

Let's tell Treasurer Wheeler it's time to bring our money home and put it back to work for Oregon - not Wall Street.

Thanks for all you do,

Steve Hughes
Oregonians for a State Bank

P.S.  Be sure to join us on Wednesday evening at the Salem Public Library for a forum on the grassroots legislative campaign to create a State Bank in Oregon.  

1. Portland Tribune: Wheeler plan calls for new state economic development ‘powerhouse’