3-21-12: The Lend Local Act
You’ve heard of buying local, and eating local. Now there’s a group of lawmakers that are pushing for banks to lend local. A measure before the legislature would require the state of Maryland to deposit some of its short-term funds with local banks. House Bill 571/Senate Bill 792 is sponsored by Delegate Bill Frick and Senator Rob Garagiola, both Democrats of Montgomery County. It passed out of the Economic Matters committee yesterday, and is expected to receive a vote on the House floor some time this week.
The bill is being supported by Michael Flynn, the Chief Operating Officer of Eagle Bank, a community bank with branches in Montgomery County. Meanwhile, Kathleen Murphy, President, Maryland Bankers Association, opposed the original bill, but supports the new version with the amendments added yesterday. Sheilah speaks with them both.