House Democrats Vote for Oregon Investment and Increased Job Creation Through Credit Unions

House Democrats passed House Bill 3700 on Monday, signaling a move to reinvest a higher portion of state dollars into local credit unions.

The bill, which passed 44-13, removes the current cap of $250,000 on public funds that can be deposited into credit unions. This will lead to a diversification of state investments into Oregonʼs local economy, boosting job creation and bringing more stability to state accounts.

By taking on big banks and giving a leg up to local businesses, House Democrats have shown once again that they will side with struggling families and job creation right here in Oregon instead of with big out-of-state banks.

The Hillsboro Argus also reported that:

"Investments in local community banks is both still allowed and encouraged under HB 3700.

"'Keeping funds here at home, whether it is in a credit union or a community bank, is a huge benefit to Oregon at a time when we need to create jobs. These local banks and credit unions will be anxious to invest in their local communities. And that's a positive step forward for Oregon,' said State Rep. Arnie Roblan (D-Coos Bay)."

House Bill 3700 awaits further action in the Senate.