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Oklahoma Legislator Explores Creation of Central State Bank

OKLAHOMA CITY (AP) — Oklahoma legislators will explore creating a central state bank that could potentially loan money to students to attend college or help finance projects for schools or municipalities.

Republican state Rep. John Montgomery of Lawton requested an interim study on the proposal and it's been assigned to the House Banking Committee. A hearing on the plan has not been scheduled.

Montgomery said a constituent approached him with the idea, and he thought it was worth exploring. One other state — North Dakota — has a state bank that would be used as a model.

Montgomery acknowledged the idea would likely require significant changes in state law and, potentially, the Oklahoma Constitution.

Oklahoma Banking Department Deputy Commissioner Dudley Gilbert says the agency has several questions about how such a bank would operate.