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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 19, 1965
Page
6
Franzenburg, ex vice-chairman of the Iowa Development Commission, urges Iowa to keep idle funds local to boost economic growth. He proposes loans of at least 10 000 dollars to banks for host improvements college education and related ventures to spur development and retain young residents.
Iowa Treasurer Paul Franzenburg urges voluntary investment of idle state funds in local banks and savings institutions at market rates to boost the state's economy. He seeks legislative approval to lift the 3 percent interest cap and would start with about $10,000 per bank, FDIC backed, with funds turning over multiple times.
Franzenburg explains push for better money placement methods beyond certificates. He took office January 2 and hired Harry Graefe, an investments expert from Des Moines, as part of reform to boost financing for state banks and other institutions.
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