Approved: 12/12/2020
A RESOLUTION OF THE DEMOCRATIC PARTY OF OREGON
Regarding Establishment of a State Bank
WHEREAS, there are numerous advantages to a state bank including, but not limited to, providing investment in the state’s economy, stability for local financial institutions, strength for capital positions of community banks, an alternative to commercial bank consolidations, lower cost for mission-driven economic development, and support for the State’s budget; and
WHEREAS, in 2011, the Oregon Legislature proposed HB 2263 to create a task force to undertake studies and make recommendations on establishing a state bank for Oregon modeled after North Dakota, but faced provisions of the Oregon Constitution that could be interpreted to restrict the Bank’s creation; and
WHEREAS, California recently recognized the benefits of public banking when California Governor Newsom signed Public Banking Act (AB 857) which authorizes California’s city and county governments to create or sponsor public banks that can provide access at lower rates than commercial services for “mission driven” developments such as local infrastructure and affordable housing; and
WHEREAS, an amendment to the Oregon Constitution to provide the Oregon Legislative Assembly with authority to create a State Bank of Oregon modeled on the Bank of North Dakota would clear up constitutional impediments to the establishment of a state bank; and
NOW THEREFORE, THE DEMOCRATIC PARTY OF OREGON RESOLVES AS FOLLOWS:
We call upon The Oregon Legislative Assembly to refer to the voters an amendment to the Oregon Constitution, Article IX, Section 1 that adds: “Notwithstanding any provision of the Oregon Constitution to the contrary, the Legislative Assembly shall be authorized to create a state bank.”
Resolution Submitted by Peter Nordbye and Michael Kohlhoff, Clackamas County.
Forwarded to the Platform and Resolutions Committee
Forwarded to the State Central Committee from the Platform and Resolutions Committee with a “Do Pass” Recommendation
