Lawmakers derail plan seen as bailout for Hoeven’s bank
BISMARCK, N.D. – Budget writers in the Republican-controlled North Dakota House want to derail legislation to save a troubled shipping facility.
The move comes 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 that acquired the facility in the senator’s hometown through foreclosure.
North Dakota’s House Appropriations Committee 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.