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Capitol Report: Treasurer Malek’s Office sees Expansion from Laws Signed by Governor Parson

Friday, May 10, 2024
Treasurer's name

JEFFERSON CITY, MO – This week, Governor Mike Parson signed House Bill (HB) 1803 and Senate Bill (SB) 727 into law. These bills will have a significant impact on the linked-deposit loan program the educational scholarships administered through the Office of Missouri State Treasurer Vivek Malek.

HB 1803 – Increases the State Treasurer's ability to invest in the MOBUCK$ program from $800 million to $1.2 billion annually. The MOBUCK$ program offers inflation relief to farmers, small businesses, and local governments through linked-deposit loans.

In the face of an ongoing drought and record-high interest rates, MOBUCK$ has served as a relief valve against soaring inflation for Missouri’s farmers and small businesses," Missouri Treasurer Vivek Malek said during the bill signing ceremony for HB 1803 in Springfield, MO. “With this expansion of MOBUCK$, passed by the Legislature and enacted by Governor Parson, I am looking forward to supporting more Missourians as they strengthen their businesses and local economies. This is a fantastic investment by the State of Missouri to boost our economy. It’s truly investing Missouri’s money, in Missouri, to help Missourians.

SB 727 – Expands access to Missouri's Empowerment Scholarship Accounts through the MO Scholars program to provide educational opportunities and resources to Missouri students and families. These accounts help provide state tax credits for contributions to approved, non-profit Educational Assistance Organizations (EAOs).  Through these EAO contributions, the MO Scholars program can assist students living in low-income households with K-12 educational scholarships.



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