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83rd OREGON LEGISLATIVE ASSEMBLY--2025 Regular Session
A-Engrossed
House Bill 2966
Ordered by the House March 11
Including House Amendments dated March 11
Sponsored by Representative GAMBA, Senators GOLDEN, FREDERICK, Representatives ANDERSEN, EVANS;
Representative WALTERS, Senators CAMPOS, PHAM K (Presession filed.)
SUMMARY
The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject
to consideration by the Legislative Assembly. It is an editor’s brief statement of the essential features of the
measure. The statement includes a measure digest written in compliance with applicable readability standards.
Digest: The Act creates a task force to study public financing options. (Flesch Readability Score:
72.6).
Establishes the State Public Finance Task Force. Directs the task force to study and make
recommendations regarding public banking and other public financing options. Requires the task
force to submit a report to a committee of the Legislative Assembly by [September 1, 2027] De-
cember 31, 2026.
Declares an emergency, effective on passage.
A BILL FOR AN ACT
Relating to a public finance task force; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. (1) The State Public Finance Task Force is established.
(2) The task force consists of 16 members appointed as follows:
(a) The President of the Senate shall appoint one member from the majority party of the
Senate and one member from a minority party of the Senate.
(b) The Speaker of the House of Representatives shall appoint one member from the
majority party of the House of Representatives and one member from a minority party of
the House of Representatives.
(c) The State Treasurer shall appoint four members who reside in this state as follows:
(A) A member with experience in management of a credit union;
(B) A member with experience in management of a community development financial
institution;
(C) A member with experience in public banking law; and
(D) A representative of the office of the State Treasurer.
(d) The Governor shall appoint eight members who reside in this state as follows:
(A) A member with experience in management of a bank headquartered in the Pacific
Northwest and with assets valued at no less than $50 billion;
(B) A member with experience in management of a family farm, as defined in 7 C.F.R.
4284.902;
(C) A member with experience in municipal government;
(D) A member with experience in government of a county with fewer than 100,000 resi-
dents;
(E) A member with experience in tribal government;
NOTE:Matter in boldfaced type in an amended section is new; matter [italic and bracketed] is existing law to be omitted.
New sections are in boldfaced type.
LC 1942 A-Eng. HB 2966
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(F) A member representing the Oregon Business Development Department;
(G) A member with experience in residential construction lending; and
(H) A member with experience building public-private partnerships.
(3) In making appointments under this section, the appointing authorities shall, to the
extent possible, strive to maintain geographic, linguistic, socioeconomic and experiential di-
versity among members of the task force.
SECTION 2. (1) The State Public Finance Task Force shall study and make recommen-
dations regarding public banking and other public financing options. The task force shall:
(a) Explore the methods by which public bodies in Oregon manage and invest their public
funds, including the interest rates and fees paid for bonds related to infrastructure develop-
ment.
(b) Explore potential cost savings from public financing practices, including from the
provision of public financial infrastructure relating to:
(A) Secondary loan markets for credit unions and community banks;
(B) A depository for credit unions and community banks;
(C) A depository for local government moneys in excess of insurable limits;
(D) Affordable housing construction during economic downturns;
(E) Participatory loans originated by private financial institutions to facilitate
homeownership for Oregonians who currently experience obstacles in securing mortgage
loans;
(F) A green bank to capture federal funds and leverage private capital; and
(G) Financing for local government infrastructure projects.
(c) Explore possible governing and corporate structures for public financing entities.
(d) Explore possible means of capitalizing public financing entities, including by:
(A) Acting as a depository for credit unions and community banks;
(B) Acting as a depository for public funds in excess of insurable limits;
(C) Appropriations from the General Fund;
(D) Borrowing against cost savings deriving from implementation of public financing
practices;and
(E) Any other means identified by the task force.
(e) Study other relevant issues identified by the task force.
(2) In carrying out its duties, the task force shall adhere to the principles that public fi-
nancing entities and methods should:
(a) Be publicly controlled and operated for the public benefit;
(b) Be a means to save public dollars;
(c) Be a tool to spur greater economic activity within this state; and
(d) Avoid financial harms to credit unions and community banks.
(3) No later than December 31, 2026, the task force shall submit a final report on its
findings and recommendations, which may include recommendations for legislation, to an
appropriate standing or interim committee of the Legislative Assembly.
(4) A majority of the members of the task force constitutes a quorum for the transaction
ofbusiness.
(5) Official action by the task force requires the approval of a majority of the members
of the task force.
(6) The task force shall elect one of its members to serve as chairperson and one of its
[2] A-Eng. HB 2966
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members to serve as vice chairperson.
(7) If there is a vacancy for any cause, the appointing authority shall make an appoint-
ment to become immediately effective.
(8) The task force shall meet at times and places specified by the call of the chairperson
or of a majority of the members of the task force.
(9) The task force may adopt rules necessary for the operation of the task force.
(10) The State Treasurer shall provide staff support to the task force.
(11) The task force may apply for public grants or private grants from nonprofit organ-
izations for expenses related to its duties.
(12) Members of the task force who are members of the Legislative Assembly are entitled
to compensation and expenses as provided in ORS 171.072. Members of the task force who
are not members of the Legislative Assembly are entitled to compensation and expenses in
the same manner and amount as provided in ORS 292.495.
(13) The task force may request and receive documents and testimony from any public
or private source.
(14) The State Treasurer may enter into agreements for the provision of research ser-
vices related to the task force.
(15) All agencies of state government, as defined in ORS 174.111, are directed to assist
the task force in the performance of the duties of the task force and, to the extent permitted
by laws relating to confidentiality, to furnish information and advice the members of the task
force consider necessary to perform their duties.
SECTION 3. Sections 1 and 2 of this 2025 Act are repealed on January 2, 2028.
SECTION 4.In addition to and not in lieu of any other appropriation, there is appropri-
ated to the State Treasurer, for the biennium beginning July 1, 2025, out of the General
Fund, the amount of $400,000 to enter into an agreement with a consultant for the provision
of research services related to the State Public Finance Task Force established by section 1
of this 2025 Act.
SECTION 5.In addition to and not in lieu of any other appropriation, there is appropri-
ated to the State Treasurer, for the biennium beginning July 1, 2025, out of the General
Fund, the amount of $___ for staff support to the State Public Finance Task Force estab-
lished by section 1 of this 2025 Act.
SECTION 6.This 2025 Act being necessary for the immediate preservation of the public
peace, health and safety, an emergency is declared to exist, and this 2025 Act takes effect
on its passage.
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