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Lawmaker Suggests State-Run Community Bank
Desperate times call for radical new ideas -- that's the thinking of a state representative who believes the state of Illinois could do a better job, and certainly no worse, of banking. Rep. Mary Flowers (D-Chicago) is proposing that Illinois establish and run a community bank. She says it would be an ideal opportunity for the state to grow its own money. She says North Dakota has run its own bank since 1919.

The idea passed a committee, but not unanimously. "We need the money," said one of those who voted no, State Rep. Mark Beaubien (R-Barrington Hills). "We can't take it out and say, 'I'm going to guarantee your mortgage, and I'll give you 25 percent and get paid back over 20 years.' It doesn't work."

Another member of the committee, State Rep. Fred Crespo (D-Hoffman Estates), said he was concerned a state-run bank would compete with local banks in his district. Flowers said under her proposal, the state's bank would be a supplement rather than a competitor.

H.B. 5476 has passed the House Consumer Protection Committee.

(Illinois Radio Network)
03 06 10 by Newsroom
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