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"This bill would establish the investment blue ribbon task force to consider the viability of establishing the California Investment Trust, which would be a state bank receiving deposits of all state funds. The trust would support economic development, provide financing for housing development, public works and educational infrastructure, provide stability to the financial sector, provide state government banking services, lend capital to specified financial institutions, and provide for excess earnings of the trust to be used for state General Fund purposes."
"The bill would establish the membership of the task force, which would include designated Members of the Legislature and designees of the Governor, Controller, and Treasurer....The bill would require the task force to report to the Legislature by December 1, 2012, on its findings and recommendations to the viability of establishing the California Investment Trust" and state-owned bank.
Candidates in last fall's November elections also proposed state banks in California, Florida, Idaho, Maine, Vermont, and Michigan, though legislation for them hasn't passed.
In 2010, Michigan's bill got the most coverage. An initiative for it can be accessed through the following link:
http://jobs4michigan.org/index.php?option=com_content&view=article&id=2&Itemid=3
It calls a State of Michigan Development Bank an instrument to "provide credit worthy (state) Businesses loans and lines of credit on fair terms to protect and expand existing businesses and jobs, to attract new high technology and manufacturing businesses to Michigan, to put Michigan's skilled workforce to work, and provide needed credit for Michigan farm businesses and the important tourism industry."
It proposed using some of the $58 billion from four Michigan pension funds as initial seed capital to launch it to help local businesses and create jobs. So far the measure stalled without a legislative majority to pass it.
In the 19th century, Louisiana once had a state bank but liquidated it in 1908. Louisiana State Bank Records show the legislature created the Louisiana State Bank in March 1818 after the charter of the Louisiana Bank neared expiration.
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