Portland Mayor Sam Adams is

that would promote what he and others are calling "responsible banking."

The idea, to allow local governments in Oregon to invest more than $250,000 in credit unions, gained urgency during the Occupy Portland protests last fall.

However, the resolution grows out of an effort in the 2010 Legislature. When it takes effect in 2013,

will allow local agencies to invest more than the current $250,000 limit in a credit union, if the Oregon State Treasurer approves the credit union.

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not banks. Currently, however, the city of Portland has about $22 million in Wells Fargo and $30 million in Umpqua Bank. (It has another $250,000 in the Albina Community Bank.) "While the City of Portland recognizes the importance of national banks and the indispensable services they provide, the City also recognizes the value of having a portfolio that includes local investments in community-based institutions,"

.

The resolution in its current form would do two things. It would change Portland's current investment policy which blocks investments in credit unions, allowing the city to immediately invest up to the insured amount of $250,000 in up to 10 credit unions in 2012. Then, in 2013, it would allow the city to invest more than the current limit in at least one local credit union.

A few footnotes are in order now.

Although Adams has not endorsed in the mayoral primary, his office worked with state Rep. Jefferson Smith, one of three leading candidates, to draft the "responsible banking" resolution.

. But Smith and Adams share more than ideas. Adams' deputy chief of staff, Jennifer Yocom, used to work for the Oregon Bus Project, the nonprofit Smith launched about 10 years ago.

Secondly, Portland's city treasurer is responsible for Portland's investments. The current

.

The comment period closes Friday, Feb. 10 at 5 pm. Feedback can be sent to mayorsam@portlandoregon.gov.

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