There are 105 independent trust companies in South Dakota, as well as state-chartered banks employing about 500 people.
Republican state Sen. Lee Schoenbeck said those jobs are important and that he wants to keep the industry in South Dakota, no matter what the report shows.
“Or, as opposed to hiding it in Granada or Cancun or somewhere?” Schoenbeck said. “Those people that are throwing those rocks all the time, half of them want the business moved to their states. The other half just like to throw rocks.”
Susan Wismer, a former Democratic lawmaker, has been a vocal opponent of the trust industry and the routine bill that comes up every session. She said attorneys from the trust fund task force tend to over-simplify the initiative.
“Legislators do not have a clue what it is that they are really voting on other than that these attorneys that deal with big money are telling them that it’s good for South Dakota’s economy to do this,” Wismer said.