Maine bill would examine the framework for a state-owned bank

Maine coast

Maine coast, Port Elizabeth. Photo by Mercedes Mehling.

 

On April 2, ten legislators in Maine cosponsored a bill to create a commission to establish a state bank. Sponsored by Sen. David Miramant, SP 452 would establish a commission called the State Bank and Tax Reduction Commission tasked with making recommendations and suggesting legislation for an organizational framework for “establishing a state-owned bank and tax rate reduction policy.”

The commission would have 12 voting members, 2 ex-officio voting members, and 11 nonvoting members with year-round staff support. The bill allows for the commission to continue until December 2030 — over ten years.

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