Is There a Virtual State Bank in Oregon's Future?
Noon - Friday, May 20, 2011
Register Online,
RSVP to rsvp@salemcityclub.com
or 503-370-2808
by Wednesday, May 18th at Noon
Although fears of a double-dip recession are subsiding, Oregon’s economic and job growth remain slow compared to past economy recoveries. These circumstances require new ideas from government and improved efforts to address the fiscal strain and program challenges that face the state. Join us at Salem City Club on Friday, May 20 at noon to learn more.
Posted by: oregoneconomicanalysis | April 20, 2011
See http://oregoneconomicanalysis.wordpress.com/(accessed May 4, 2011)
Ted Wheeler, Oregon State Treasurer, will speak to a new and understandably controversial idea: a “virtual” state economic development bank. Wheeler holds great store for the bank as a tool to promote economic recovery and vitality. The Treasurer’s proposed bank is “virtual” because no brick-and-mortar retail banking is envisioned – it is a state administrative entity that will operate with stakeholder advice. Wheeler’s virtual bank would consolidate Oregon’s various economic loan programs, and allow state government to act as an additional lending agent, which will supposedly help qualified Oregonians secure financing not available in a time of tight money. The virtual bank seeks to link state lending programs with the conventional lending of community banks and credit unions and thus complement their efforts instead of competing with them. The idea has some bi-partisan political support and is reflected bills in the Oregon House (HB 3452) and Senate (SB 889). It also enjoys support from a coalition of community bankers, farmers, small businessmen and community organizations. The virtual bank is opposed by The Oregon Banker’s Association, which raises a variety of concerns including the prospects of a government bank lending to unqualified persons and of public competition with privately owned banks.
Mr. Wheeler also will discuss the need to improve upon current public administration practice and prioritize the state’s limited debt capacity in order to better facilitate Oregon’s long-term goals.
Ted Wheeler is the 28th State Treasurer of Oregon. A former manager at an investment firm, he was elected chief executive of Multnomah County. In March 2010 Wheeler was appointed to complete the term of former Treasurer Ben Westlund, and was elected Treasurer in the November 2010. As Treasurer, he has directed efforts to make the State Treasury a more efficient and transparent operation, and a more responsible investor. He was appointed by Governor John Kitzhaber to help draft new economic development strategies for the state. His current initiatives include introducing money-saving technology changes in the Treasury department, authorizing securities fraud lawsuits against firms that misled investors, and introducing a revamped 529 college savings plan with lower costs and more options for families. Mr. Wheeler holds degrees from Stanford University, Columbia University and Harvard University.
Please join us on May 20, 2011, in the Dye House at Willamette Heritage Center at the Mill for this opportunity to learn more about how the Oregon State Treasurer, Ted Wheeler views the role and responsibilities of the state’s treasurer. For those not on our “continuous attendee” list, you may e-mail lunch reservations to:
rsvp@salemcityclub.comor call 503-370-2808 by Wednesday noon, May 18, 2011. SCC members lunch cost is $12, all others $15. Doors will open at 11:30 AM. The community is welcomed and encouraged to join us! There is a $5 charge for visitors who would like a coffee and cookie. For more information on upcoming programs, and directions to this event please go to
www.salemcityclub.com.
