Detroit's State Aid Moves Ahead As JPMorgan Pledges $100M

Law360, New York (May 21, 2014, 3:43 PM EDT) -- A panel of Michigan lawmakers advanced a package of legislation aimed at boosting Detroit’s finances and pension system Wednesday, just as JPMorgan Chase & Co. announced plans to invest $100 million into the floundering city over the next five years.

The Michigan House Committee on Detroit’s Recovery and Michigan’s Future voted in favor of sending the 11-bill package to the full House for a vote. The legislation proposes setting aside $194.8 million for the city, setting up a seven-person committee to oversee Detroit’s finances and a...
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