Portland Mayor Sam Adams announced what he’s calling a “responsible banking” initiative earlier this week. He’s seeking public comment on the resolution, which would allow the city to move some of its money to small banks and credit unions. Mayoral candidate Jefferson Smith advocated for this back in November when the “Move Your Money” idea was gaining steam and Adams’ staff worked with Smith on the plan. The idea might not sit well with larger banks, which currently hold millions of dollars in city money.
In other business news, the second largest wind developer in the country, Iberdrola, said this month it will keep its headquarters in Portland for at least the next 10 years. A $1.15 million grant from the Portland Development Commission was a big factor in the decision. That news comes just a couple of weeks after Iberdrola laid off 25 Portland workers.
Do you have a connection to Iberdrola? How would the mayor’s banking plan affect you? What other business news is on your mind?