Bradbury proposes Bank of Oregon

An Oregon gubernatorial candidate has called for the creation of a state bank that would do nothing but serve residents and fund Oregon businesses.

Bill Bradbury said his Bank of Oregon idea would, by keeping money in the state, create more local jobs. Under the proposal, all state government agencies would be required to deposit their funds in the bank. The lender would then invest the funds within the state, with the investments serving as an economic development tool. It would also attempt to turn a profit, like a typical commercial bank.

The efforts would be modeled on the Bank of North Dakota, which Bradbury deemed a success.

“It is time to declare economic sovereignty from the multi-national banks that are responsible for much of our current economic crisis,” Bradbury said in announcing the plan. “It is time to keep Oregon money here in Oregon working for Oregonians. Every year we ship (more than $1 billion) in Oregon taxpayer dollars to out-of-state and multi-national banks in the form of deposits only to see that money invested elsewhere.”

Bradbury said the state’s community banks would benefit because the Bank of Oregon would provide them with services and guarantees for existing financial services.

“The Bank of Oregon would be designed to partner with private financial institutions not compete with them,” he said.