A JOINT RESOLUTION OF THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA REQUESTING AN INTERIM STUDY OF INVESTMENT AND BANKING CHANGES NECESSARY TO CREATE A STATE BANK OF MONTANA.
WHEREAS, the Bank of North Dakota has provided that state with a source of economic development funds, which has allowed partnering with most financial institutions and specific assistance to farms and ranches, as well as mortgage assistance; and
WHEREAS, there is a strategic opportunity to use Montana's depository assets to generate additional benefits for the people and the economy of the state by creating a public depository and lending institution that is owned by the people of Montana for the benefit of the people of Montana; and
WHEREAS, a state bank could provide for a consolidation of the handling of all state funds, rather than various economic development and home ownership programs that have limited bond-issuing authority.
NOW, THEREFORE, BE IT RESOLVED BY THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA:
That the Legislative Council be requested to designate an appropriate interim committee, pursuant to section 5-5-217, MCA, to investigate:
(1) Bank of North Dakota programs that provide financing for economic development and venture capital, loans for farms and ranches, and secondary mortgage assistance, whether these programs operate similarly to programs in Montana, and what changes would be necessary in statute to make Montana programs similar to the North Dakota programs;
(2) the working relationship of the Bank of North Dakota with its state-chartered and federally chartered financial institutions and whether creation of a state bank would harm or help Montana financial institutions;
(3) the structure of the Bank of North Dakota and whether that structure is appropriate for Montana or whether another structure may be more appropriate; and
(4) efforts in Washington to establish a publicly owned depository as a legacy institution that amasses sufficient capital reserves to address social and economic opportunities and opportunities for Montana to pursue a similar model.
BE IT FURTHER RESOLVED, that the study involve economic development specialists, financial institutions, and state agencies responsible for bonding programs and state investments, particularly the Board of Investments, the Board of Housing, the Montana Facility Finance Authority, and the Montana Agricultural Loan Authority.
BE IT FURTHER RESOLVED, that the appropriate committee designated by the Legislative Council make recommendations and findings regarding the appropriateness of:
(1) revising Montana statutes to create a state bank of Montana;
(2) investing within the state if out-of-state investments may produce more wealth; and
(3) state involvement in investing in private or nonprofit entities for economic development or community development purposes.
BE IT FURTHER RESOLVED, that all aspects of the study, including presentation and review requirements, be concluded prior to September 15, 2022.
BE IT FURTHER RESOLVED, that the final results of the study, including any findings, conclusions, comments, or recommendations of the appropriate committee, be reported to the 68th Legislature.