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I-Bank Bill Becomes A Study Bill

I have written several posts on SB 528 (Hueso), a bill that I considered a potential "sleeper". In my parlance, a "sleeper" is a bill that doesn't attract much attention but results in big changes.  SB 528 would have chartered the California Infrastructure and Economic Development Bank (I-Bank) as a depository institution to receive public moneys.  As proposed, the I-Bank would have been under the control of appointees of politicians.  See Bank Directors Appointed By Politicians - What Could Possibly Go Wrong?

Fortunately, Senator Hueso has decided to take allow for further study of the idea.  On May Day, he amended the bill to provide for the creation of a task force "to study the workability, potential costs, and estimated timeframe to transition the I-Bank into a depository institution to accept deposits from state and local governments and to lend money to local governments for their infrastructure needs".  If SB 528 is enacted, the task force will have until January 1, 2021 to complete its work.

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