AZ HB2532

Establishes a nonpartisan state-owned bank task force composed of state government representatives, legislative members, financial institution officials, business owners, and municipal leaders to explore the feasibility of creating a state-owned bank in Arizona.

Task force must review and evaluate the Bank of North Dakota, studies from other states and cities (Massachusetts, New Jersey, Santa Fe, Philadelphia, Tucson), and assess potential economic impacts on education, innovation, small business development, student loans, job creation, and state revenue.

Task force shall examine capital requirements, initial capitalization options, potential revenue-generating loan programs (small business and student loans), effects on existing banks, and legal requirements including possible constitutional amendments needed to establish a state-owned bank.

State treasurer or designee serves as chairperson; task force members serve without compensation but may be reimbursed for expenses; members may establish investigative subgroups and invite subject matter experts to provide assistance.

Task force must submit findings and recommendations to the governor, legislature president, and speaker of the house by December 1, 2017; the task force is repealed effective September 30, 2018.