AZ HB2407

Establishes a state-owned bank task force within the Arizona commerce authority consisting of representatives from financial institutions, state agencies, universities, and public bank advocacy organizations, chaired by the superintendent of financial institutions.

Task force shall evaluate the feasibility of establishing a state-owned bank, including review of the Bank of North Dakota, Massachusetts studies, existing state-owned bank models, economic impacts, effects on existing financial institutions, capital requirements, and applicable laws.

Task force shall also consider alternative programs and options including community development financial institutions, Small Business Administration programs, agricultural loan programs, and clean energy investment authorities.

Task force must submit findings and recommendations report to the governor, president of the senate, and speaker of the house by December 1, 2019, with a copy provided to the secretary of state.

Appropriates $30,000 from the state general fund in fiscal year 2019-2020 to the Arizona commerce authority to support the task force's duties; task force automatically repeals September 30, 2020.