The governor of Oregon has vetoed a bill that would have established a state task force to investigate the risks and benefits of creating a public bank that could, among other things, service the state’s marijuana industry.
Gov. Tina Kotek (D) disapproved the legislation earlier this month saying that while she supports the overall concept of studying a public bank, the bill has “several logistical challenges,” such as mandating that the Oregon Business Development Department (OBDD) oversee the task force when it is already managing more than 80 programs.
The proposal from Reps. Mark Gamba (D) and Jules Walters (D), along with Sen. Jeff Golden (D), cleared the legislature in June. The 19-member task force would have been comprised of lawmakers appointed by leadership and financial professionals appointed by the governor, as well as one member “with experience in management of a cannabis business.”
The State Public Bank Task Force would have been responsible for studying and making recommendations concerning the “potential benefits and harms from the bank to state and local jurisdictions and private industries, including potential benefits and harms of a state bank engaging in lending, payments or providing other public financial infrastructure related to” a variety of
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