So What Shall We Call The Proposed State Bank?
That is correct; Kim Kalunian at WPRO reports that a bill
… submitted by Rep. Charlene Lima (D-Cranston) would create a Rhode Island state bank.
The bill would establish a Rhode Island state bank to “protect the financial welfare and economic vitality of the citizens” and create jobs.
The state bank would have the same banking powers as a commercial bank, and could accept deposits, pay interest and make loans. The lending and guaranteeing powers of all state departments and agencies, like the Rhode Island Economic Development Corporation, would be transferred to the state bank.
Lima submitted the bill at the request of Keven McKenna, a lawyer and former candidate for Attorney General.
You’re going to point to the state’s long, dubious record in matters of finance, aren’t you? Well, that should not enter into your calculations – at least, according to Mr. McKenna.
Following the 38 Studios debacle, McKenna said people cannot be afraid of government and the state’s money management skills.
“You cannot deal with paranoia,” he said. “If you are fearful of government then have the government do nothing at all: no roads, no education, no support for the elderly, nothing.”
Huh. Some of us might view the natural skepticism at such a proposal as more along the lines of open-eyed caution rather than paranoia. But we’re glad to be corrected and no one wants to be a party-pooper. So, once more unto the breach, dear friends.
Possible names for our new bank. I’m thinking “RISDIC Savings & Loan”. What would you suggest?