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Budget writers derail plan seen as bailout for Hoeven s bank
JAMES MacPHERSON, Associated Press
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BISMARCK, N.D. (AP) Budget writers in the Republican-controlled North Dakota House want to derail legislation to save a troubled shipping facility, after criticism that the move was a bailout for banks, including one owned by GOP U.S. Sen. John Hoeven.
Five Minot-area lawmakers sponsored the legislation for the intermodal shipping facility that sought to provide $8.2 million that would be funneled to a trio of banks including Hoeven’s that acquired the facility in the senator’s hometown through foreclosure.
North Dakota s House Appropriations Committee late Wednesday amended the bill to remove the money that would go to the banks and instead provide a loan of up to $2.5 million for track improvements for the facility. The 20-member committee was nearly unanimous in balking at the idea of a bank bailout.
Critics say rail facility bailout would help Hoeven s bank
JAMES MacPHERSON, Associated Press
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BISMARCK, N.D. (AP) North Dakota’s Republican-led Legislature is considering giving $10 million to an intermodal rail facility, a move backers say will reduce shipping costs and increase markets for the state’s farm products and other commodities.
Opponents argue the funding proposed for the long-troubled and financially distressed facility in Minot is nothing more than a taxpayer bailout for banks, one of which is partly owned by Republican U.S. Sen. John Hoeven.
Five Minot-area lawmakers sponsored the legislation that seeks to provide $1.8 million for track improvements and $8.2 million that would be funneled to a trio of banks that acquired the property and buildings and equipment through foreclosure.
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