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FOR IMMEDIATE RELEASE Contact:
Invest in Missouri Goes to Governor
Legislation
to reinvest $1 billion in Missouri passes final vote 155-0 JEFFERSON CITY - More than two months after being introduced,
Invest inMissouri was
passed by the House of Representatives today 155 to 0. The legislation now heads to Governor Jay
Nixon's desk before becoming law. The
legislation was championed by State Treasurer Clint Zweifel. "The passage of Invest in Missouri gives the state a
strategic tool as we fight to turn the economy around," Treasurer Zweifel
said. "The expansion of the Missouri Linked Deposit
Program is critical, and taxpayers will be getting a fair return on state deposits
for the first time in more than half a century.
This legislation costs Missourians nothing; in fact it will return $10
to $15 million per year on taxpayers' investments when fully phased in." Invest in Missouri, House
Bill 883 and Senate
Bill 542, enjoyed broad bipartisan support in the legislature, with SB 542
weaving its way to the finish line first.
During the entire legislative process, Invest in Missouri,
did not register one "No" vote in committee or on the House or Senate floors. Sen. David Pearce, R-Warrensburg, sponsored
the legislation in the Senate. "Missourians are hurting, and this is timely legislation to
help rebuild the economy," Sen. Pearce said.
"Invest
in Missouri lets us move Missouri's economy forward with the help of
Republicans and Democrats." The House sponsor of Invest in Missouri is Rep. Tim
Flook, R-Liberty. Rep. Flook, Rep. Paul
LeVota, D-Independence, and Treasurer Zweifel campaigned for the legislation in
March. "Passing this bill is the right thing for taxpayers," Rep.
Flook said. "Missourians are getting a
fair shake on their investments now, and we are doing it all at no cost. This is good government." Invest in
Missouri will be
delivered to Gov. Nixon's desk. If
signed, the legislation will expand eligibility guidelines for the Missouri
Linked Deposit Program. The Missouri
Linked Deposit Program is designed to place state funds with community banks at
below-market interest rates so the community bank can issue loans to borrowers
at a reduced rate. Loan savings are
usually 2 to 3 percent to the borrower.
The program's $720 million statutory cap is only about 30-percent
utilized. Expanded eligibility
guidelines will open up the state's small business, job creation, agriculture
and alternative energy loan programs to more businesses and farmers. Local government assistance linked deposits
will also become available as part of the legislation. Additionally, Invest in Missouri
will phase out, over five years, the statutory interest rate cap that ties
state time deposits to the return of short-term U.S. Treasury securities. That yield has been as low as 0.20 percent of
late. Removing the restrictive cap will
allow the state to receive a yield closer to the rates offered by banks to an
individual, business or any other government entity in Missouri. The market rate currently is about 1.5
percent, resulting in increased returns to taxpayers of about $10 to $15
million per year once fully phased in by law. The legislation was supported by
the Missouri Bankers' Association and the Missouri Independent Bankers'
Association. "I applaud the handlers of this
legislation, leadership of both parties and supporters of the bill," Treasurer
Zweifel said. "There was commitment to
pass this legislation at a critical time in our state, and that is exactly what
has been accomplished." |
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