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HB 2464

To create the State Bank of West Virginia

2025 Regular Session Introduced by Chris Anders and 7 co-sponsors

HB 2464 establishes the State Bank of West Virginia to provide accessible loans and banking services, boosting local economies and supporting residents and businesses.

To House Finance
#bankingandfinance
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WeVote Research Nonpartisan
Bill Summary · HB 2464

Summary of HB 2464: To Create the State Bank of West Virginia

Bill Overview

Bill Number: HB 2464
Title: To create the State Bank of West Virginia
Status: To House Finance
Introduced: February 03, 2025
Classification: Bill
Subject: Banking and Finance

Purpose and Intent

The primary purpose of HB 2464 is to establish a state-owned bank in West Virginia. The intent behind this legislation is to enhance financial services available to residents, promote economic development, and provide a stable banking option that prioritizes the needs of West Virginians.

Key Provisions

  • Creation of the State Bank: The bill proposes the establishment of the State Bank of West Virginia, which will operate under the authority of the state government.
  • Functions of the Bank: The bank will provide various financial services, including:
    • Offering loans to individuals and businesses.
    • Supporting local economic development initiatives.
    • Providing banking services to state agencies and municipalities.
  • Funding and Capitalization: The bill outlines provisions for the initial funding and capitalization of the bank, which may include state appropriations and other revenue sources.
  • Regulatory Oversight: The bank will be subject to state banking regulations and oversight to ensure compliance with financial laws and standards.

Impact

  • Beneficiaries: The establishment of the State Bank is expected to benefit:
    • Residents of West Virginia seeking accessible banking services.
    • Local businesses looking for loans and financial support.
    • State and local governments needing banking services.
  • Economic Development: By providing loans and financial services tailored to the needs of West Virginians, the bank aims to stimulate local economies and support community projects.

Procedural Aspects

  • Current Status: The bill is currently under consideration by the House Finance Committee.
  • Timeline:
    • Introduced on February 03, 2025.
    • Awaiting further legislative action and potential amendments before moving to a vote.

Conclusion

HB 2464 represents a significant step towards establishing a state-owned banking institution in West Virginia. By creating a bank that prioritizes local needs, the state aims to enhance financial accessibility and support economic growth within its communities. The bill is currently in the legislative process and will require further discussion and approval to become law.

Compiled from official sources — confirm details with the bill’s official record.

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