$6B scholarship proposal clears a big hurdle
Oregon Treasurer Ted Wheeler wants to create a scholarship endowment that he says will eventually grow large enough to pay for two years of college for every Oregonian.
An ambitious proposal from Oregon Treasurer Ted Wheeler[5] took a big step Friday.
Wheeler wants to create a giant scholarship endowment[6] that could throw off enough interest to pay for two years of college education for every Oregonian.
If lawmakers fund the idea for 30 years, Wheeler said it will eventually grow to a $6 billion endowment.
The proposal, formerly known as the Oregon Opportunity Initiative, needs the approval of lawmakers and voters.
On Friday, the Oregon Senate passed Senate Joint Resolution 1 on a 20-10 vote. The measure would send the issue to voters. It now heads to the House.
The measure does not dedicate any funding for the idea. Funding will be considered as part of a different bill.
“The Opportunity Initiative is a critical step toward increasing students' access to higher education and technical training, which will help make Oregon more competitive in the new global economy," Wheeler said in a news release.
Business groups say the endowment would be an economic development tool that would equip Oregon with one of the country’s most skilled workforces and give it a critical competitive advantage.
Matthew Kish covers banking, finance, footwear/apparel and higher education.
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