AZ SB1491

Establishes a state-owned bank task force within the Arizona Commerce Authority with 10 members representing state agencies, financial institutions, and advocacy organizations.

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

Task force shall consider alternative programs and options including community development financial institutions, small business administration loans, agricultural loan programs, and clean energy investment authorities.

Task force may establish investigative subgroups and invite experts in banking, finance, economics, and community development to assist in its work.

Task force shall submit a report of findings and recommendations to the governor, president of the senate, and speaker of the house by December 1, 2019, with the task force repealing on September 30, 2020.