Michigan Legislature considers state stock exchange

Mar 18, 2014

For 70 years, until the mid 1970’s, Detroit had its own stock exchange. It’s credited with speeding the growth of General Motors and dozens of other Michigan companies.
Credit Flickr - Thomas Hawk

Mention the phrase 'stock exchange' to most people and they’ll likely visualize Wall Street, the home of the New York stock exchange, the world’s biggest. However, smaller, regional stock exchanges are nothing new. A proposal to allow local stock exchanges in Michigan was recently filed in the state legislature. The aim is to allow citizens to invest in small, promising Michigan companies that may not qualify for a larger exchange.

State Representative Andy Schor of Lansing says that the Michigan stock exchange would work a lot like the National Exchange, except trading would be done with Michigan companies, concentrating on local business.

Summer Minnick, the Director of Policy Initiatives and Federal Affairs for the Michigan Municipal League, says the new law would make local investments more liquid than you might normally expect putting money into a business would be.