Portland city commissioners on Wednesday voted 5-0 to pass a proposal from MayorSam Adams to overhaul the city’s banking policies in order to bring more local banks and credit unions into the fold.
The proposal, called the Responsible Banking Resolution, calls for depositing $250,000 of the city’s money in each of 10 Oregon banks and credit unions. The money would come from liquidating $2.5 million of the city's roughly $800 million in U.S. Treasuries and other securities.
The proposal also increases transparency and requires that the city rethink its contract for banking services in order to make it easier for local banks to compete for the business.
Such proposals have been gaining steam since the Occupy movement put more attention on the role of banks in the economic collapse. Los Angeles passed a similar ordinance this week.
“You will find that this is absolutely about improving our work as a city,” Adams said last month. “It’s also about getting more competition and transparency. It is a thoughtful approach, a balanced approach. And I think it’s good for taxpayers.”
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