Missouri Treasurer Makes Deal to Get More Money into Local Banks
By
Brad Belote
Story Created:
Mar 26, 2009 at 9:47 AM CST
Story Updated:
Mar 26, 2009 at 9:47 AM CST
JEFFERSON CITY, Mo. (AP) - More of Missouri's money could be placed in local banks as a result of a legislative deal between bankers and the state treasurer.
The deal could make more money available for loans to Missouri businesses, farmers and public entities. It also could earn better interest rates for state government.
The legislation endorsed Thursday by a Senate committee would phase out a cap on the interest rate charged to banks for Missouri deposits. Treasurer Clint Zweifel (ZWY'-fel) says that will give his office a financial incentive to place more money in local banks instead of out-of-state investments.
The bill also expands eligibility for an existing program that places Missouri money in banks at below-market interest rates so that it can be loaned at cheaper rates to certain businesses.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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