Miramant proposal would establish a state bank
Augusta — A bill by State Sen. Dave Miramant, D-Camden, would create a state bank to conduct the state’s financial business in the best interest of Mainers, not corporate shareholders.
The bill — LD 237, “An Act to Establish a State Bank” — received a public hearing before the Legislature’s Insurance and Financial Affairs Committee Tuesday, Feb. 14.
The legislation would establish a state bank, effective July 2019. The bank would accept a portion of state funds that are currently held in out-of-state bank accounts, and manage many of the state’s financial assets and obligations, including bonds and loans. Income from financial products would be deposited into the state’s rainy day fund.
Miramant submitted the bill after a similar piece of legislation caught his interest last year. He then began researching this proposal, which included reading a book by one of his own constituents, economist Randall Parr. The proposal is modeled on North Dakota's publicly owned state bank.
LD 237 faces further action in the Insurance and Financial Affairs Committee, and votes in the House and Senate.