Missouri Senate Bill SB657

Missouri 2023 Regular Session

• Introduced: 2/23/23
• Refer: 4/6/23

Caption

Increases the limit on investments in linked deposits by the State Treasurer

Impact

The amendment includes specific allocations for various recipient categories, including job enhancement businesses and alternative energy operations, with clear financial caps to regulate how funds are distributed. This shift not only provides a broader financial scope for investments but also attempts to create a more robust economic environment by supporting small and local enterprises. Notably, the associated changes are aimed at making significant financial resources available to enhance the operational capability of businesses crucial for job retention and creation.

Summary

SB657 proposes to increase the investment limit of linked deposits managed by the State Treasurer from $800 million to $1 billion. This bill focuses on the state's ability to invest in businesses by providing loans that are facilitated through eligible lending institutions for various operations including farming, small businesses, and job enhancement businesses. The objective of the bill is to boost economic growth by providing enhanced financial support for diverse sectors within the state economy.

Contention

While the bill appears to support economic growth and development actively, it could also raise concerns among lawmakers about the effectiveness and targeting of such investments. Some stakeholders may question whether increasing these investment limits adequately addresses the needs of smaller businesses or if it could lead to potential misallocation of funds. Since the bill involves a greater degree of financial commitment from the state, there might be discussions around ensuring accountability in how these investments lead to tangible economic benefits and job creation.