Oregon Senate Bill 501 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on June 25 2023 - 100% progression
Action: 2023-06-25 - In committee upon adjournment.
Text: Latest bill text (Introduced) [PDF]

Establishes Bank of the State of Oregon. Establishes Bank of the State of Oregon. Specifies purposes of bank. Establishes Bank of the State of Oregon Board to operate and manage bank. Creates advisory board of directors to advise bank board and management on operation of bank. Requires bank to accept deposits of public funds and permits bank to accept deposits of other funds. Permits bank to make, purchase, guarantee or hold certain loans and to serve as custodian bank. Specifies other powers. Directs State Treasurer to deposit moneys in bank in amount treasurer determines is necessary to allow bank to fulfill duties. Requires Bank of the State of Oregon Board to determine and reserve amount of revenue necessary to continue bank operations in safe and sound manner and to credit remaining revenue to use for general governmental operations. Directs board to adopt rules to ensure safety and soundness of bank, describe permissible investments, bank services, loan limits and reserve requirements. Requires Secretary of State audit. Specifies that deposits of bank are guaranteed by state and that income bank earns on public funds is not subject to taxation. Specifies that certain bank records are confidential and not subject to disclosure. Becomes operative January 1, 2025.

Relating to establishment of a public bank.

Sen. Jeffrey Golden [D]

Date	Chamber	Action
2023-06-25	Senate	In committee upon adjournment.
2023-01-14	Senate	Referred to Rules, then Ways and Means.
2023-01-09	Senate	Introduction and first reading. Referred to President's desk.

Type	Source
Summary	https://olis.oregonlegislature.gov/liz/2023R1/Measures/Overview/SB501
Text	https://olis.oregonlegislature.gov/liz/2023R1/Downloads/MeasureDocument/SB501/Introduced
Supplement	https://olis.oregonlegislature.gov/liz/2023R1/Downloads/MeasureAnalysisDocument/73491