Oregon Public Broadcasting

Oregon lawmakers want to force managers at state-regulated banks receiving federal bailout money to appear in Salem.

The Oregon House voted Wednesday to compel officials from those banks to explain to the Legislature how they used the cash.

The bill passed the House narrowly.  Five Democrats joined most Republicans to oppose the measure.  

Representative Mike Schaufler was one of those Democrats. He said lawmakers have too much on their hands to spend time worrying about how federal tax dollars are being spent.

Mike Schaufler: “I challenge anyone on this floor to explain to the average taxpayer in Oregon where their state tax dollars are going in the state budget.  Because you know what, none of us can answer all those questions.”

Opponents also said the bill places a stigma on the banks that are required to testify. They add many bank officials would have willingly come to Salem even without a bill.  

According to the House Majority office, four state-regulated banks in Oregon have accepted at least $260 million of federal bailout funds. The measure now heads to the Senate.

Online:

House Bill 2700