House
File
526
-
Introduced
HOUSE
FILE
526
BY
STAED
A
BILL
FOR
An
Act
requesting
the
establishment
of
a
state
investment
trust
1
interim
study
committee.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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Section
1.
LEGISLATIVE
INTERIM
STUDY
COMMITTEE
——
1
ESTABLISHMENT
OF
STATE
INVESTMENT
TRUST.
2
1.
The
legislative
council
is
requested
to
authorize
3
the
establishment
of
an
interim
study
committee
to
study
the
4
feasibility
of
establishing
a
state
investment
trust,
operating
5
as
a
state-owned
bank
receiving
deposits
of
state
funds.
6
2.
The
committee
shall
be
comprised
of
the
following
7
members:
8
a.
Five
members
who
are
members
of
the
senate,
three
of
9
whom
shall
be
appointed
by
the
majority
leader
of
the
senate
10
and
two
of
whom
shall
be
appointed
by
the
minority
leader
of
11
the
senate.
12
b.
Five
members
who
are
members
of
the
house
of
13
representatives,
three
of
whom
shall
be
appointed
by
the
14
speaker
of
the
house
of
representatives
and
two
of
whom
15
shall
be
appointed
by
the
minority
leader
of
the
house
of
16
representatives.
17
3.
The
committee,
in
consultation
with
the
state
18
treasurer’s
office,
the
department
of
revenue,
the
department
19
of
management,
representatives
of
the
banking
industry,
20
representatives
of
consumer
advocacy
organizations,
and
other
21
stakeholders,
shall
consider
the
establishment
of
a
state
22
investment
trust
for
the
purpose
of
achieving
the
following
23
goals,
at
a
minimum:
24
a.
Supporting
economic
and
community
development
in
Iowa.
25
b.
Providing
financial
stability
to
businesses
in
Iowa.
26
c.
Reducing
costs
paid
by
the
state
for
financial
services.
27
d.
Generating
revenues
to
supplement
state
finances.
28
e.
Providing
financing
for
housing
development,
public
29
works
infrastructure,
educational
infrastructure,
student
30
loans,
and
community
projects.
31
f.
Providing
stability
to
the
state’s
financial
sectors.
32
g.
Lending
capital
to
financial
institutions
in
Iowa.
33
h.
Providing
grants
to
low-income
Iowans
for
higher
34
education.
35
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i.
Providing
capital
for
expansion
of
the
state’s
workforce
1
dependent
on
student
loans.
2
4.
The
interim
committee
shall
also
conduct
a
general
3
assessment
of
the
state’s
network
of
public
and
private
4
financial
resources
to
identify
potential
services
to
be
5
provided
by
a
state
investment
trust,
examine
administrative
6
and
operational
structures
to
ensure
sound
regulatory
oversight
7
and
fair
competition
with
financial
institutions
operating
8
in
the
state,
consider
options
for
integrating
a
state
trust
9
model
into
the
state’s
existing
financial
resource
network,
10
and
identify
necessary
actions
to
establish
a
state
investment
11
trust.
12
5.
The
interim
committee
shall
meet
during
the
2019
13
legislative
interim
and
shall
submit
a
summary
of
its
study,
14
including
findings
and
recommendations,
in
a
report
to
the
15
governor
and
the
general
assembly
no
later
than
December
21,
16
2019.
17
EXPLANATION
18
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
19
the
explanation’s
substance
by
the
members
of
the
general
assembly.
20
This
bill
requests
the
legislative
council
to
establish
21
an
interim
study
committee
composed
of
members
of
the
senate
22
and
the
house
of
representatives,
as
specified
in
the
bill,
to
23
study
the
feasibility
of
establishing
a
state
investment
trust,
24
operating
as
a
state-owned
bank
receiving
deposits
of
state
25
funds.
26
The
bill
provides
that
the
committee
shall
consider
the
27
establishment
of
a
state
investment
trust
to
achieve
certain
28
goals
described
in
the
bill,
in
consultation
with
the
state
29
treasurer’s
office,
the
department
of
revenue,
the
department
30
of
management,
representatives
of
the
banking
industry,
31
representatives
of
consumer
advocacy
organizations,
and
other
32
stakeholders.
The
committee
shall
also
conduct
a
general
33
assessment
of
the
state’s
financial
resources,
examine
34
administrative
and
operational
structures,
consider
options
for
35
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526
integrating
a
state
trust
model
into
the
existing
financial
1
network,
and
identify
necessary
actions
to
establish
a
state
2
investment
trust.
3
The
bill
provides
that
the
committee
shall
meet
during
the
4
2019
legislative
interim
and
shall
submit
a
summary
of
its
5
findings
and
recommendations
in
a
report
to
the
governor
and
6
the
general
assembly
no
later
than
December
21,
2019.
7
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gh/rn
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