Keep Your Money Local
Idea Category: Jobs and Entrepreneurship, Smart Government
Problem
Cities and counties have millions in reserve and special funds but most of those dollars are invested in large funds run out of state. Local financial institutions know their community and customers better than large banks, and therefore by having access to those funds can more effectively invest in the community.
Solution
County Supervisor Coonerty proposes investing a small percentage of these reserves in local banks and credit unions to keep the money local, creating jobs and more funds for these institutions to lend to citizens to start businesses, purchase cars or improve their homes, all of which help grow the economy.
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