Public Banks Have Far Greater Financial Capacity Than We Think: We Need to Harness Democratized public banks for a green and just transition. Democratization example from Costa Rica.

By  Thomas Marois, Open DemocracyJuly 6, 2019 | EDUCATE!, STRATEGIZE! Public banks are resurgent, triggered by the failure of private finance to meaningfully confront the green transformation. But will resurgent public banks act in the public or private interest? How can progressives ensure public banks support a just green transformation? Democratization is the key. The turning point for public banks was really the UN’s 2015 Addis Ababa Action …

Following the Money: Public Banks and Financing Local Economies: Making Low Cost Community Loans or Sending Lots of Money to Wall Street

Bioneers Eco-Nomics ARTICLE Los Angeles paid $170 million in 2017 just in bank fees. Plus $1.1 billion in interest. So it’s just an inefficient system. We’re sending our money off to Wall Street Ellen Brown is an attorney and leading public banking advocate, founder of the Public Banking Institute, and Senior Fellow of the Democracy Collaborative. She is the author of hundreds …

The Public Banking Act “AB 857” passes the California Assembly!

AB857 passes CA Assembly. Photo courtesy Assemblymember Miguel Santiago. PUBLIC BANKING INST | 8gbMay 30, 2019 The Public Banking Act, “AB 857.” has taken public banking a historic step forward in passing the California Assembly today 41 Aye’s to 26 No’s. The bill now proceeds to the CA Senate. Assemblymember Miguel Santiago, the bill’s co-author, tweeted “The CA Assembly just sent a …

This is how to pay for the Green New Deal

As public banking expert Ellen Brown has highlighted, during the New Deal, the federal government’s Reconstruction Finance Corporation (RFC) lent over $2.5 billion in agricultural loans, backed vast infrastructure investments, and re-stabilized the economy through emergency loans to states and for disaster relief. By Sylvia Chi California Public Banking Alliance, This is how to pay for the Green New Deal, Mar 4, 2019  Dianne Feinstein, our …

San Francisco supervisors consider public banking options for affordable housing and more

Supervisors Endorse ‘Bold’ Public Bank Plan: Momentum builds for a city-run bank as supervisors encourage starry-eyed thinking that could divest $11 billion annual budget away from Wall Street and to local issues. Ida Mojadad, SF Weekly.com,  Dec 13th, 2018 After taking months to come up with public bank models criticized for not living up to the full potential, the Treasurer’s Office has a …

Public Banking Update – March 2019. CA AB857 carves out a special charter for city-owned public banks, San Francisco and LA are pursuing it

“In California, we’re going to get this done!” AB857 carves out a special charter for city-owned public banks In dual press conferences Monday in Los Angeles and San Francisco, California legislators announced the introduction of AB857, a bill that would enable cities and regions to charter their own public banks and create a public banking network in the state.  The announcement …

2019 New Hampshire Bill Establishing a Public Bank

HB 367-FN – AS INTRODUCED 2019 SESSION 19-0146 11/08 HOUSE BILL 367-FN AN ACT establishing a state bank. SPONSORS: Rep. Marple, Merr. 24; Rep. Horrigan, Straf. 6  COMMITTEE: Commerce and Consumer Affairs —————————————————————– ANALYSIS This bill establishes a state bank. – – – – – – – – – – – – – – – – – – – – – …

Public Banking for Infrastructure Finance

By providing counsel, BND helps municipalities with limited knowledge of financial markets or the grant application process to access capital at lower rates and with cheaper transaction costs. Second, to address declining public revenues for infrastructure, BND’s direct low-interest loans allow it to leverage capital on terms that are favorable to the public. Finally, the centralized management of public funds …

The latent, unused power of citizens—and the production of public collateral

The latent, unused power of citizens—and the production of public collateral, Ann Pettifor, Democracy Collaborative and Next System Project, January 24, 2019, MONEY & BANKING Introduction It was just a montage of words uttered over a video in the summer of 2018. Soon the words went viral. They helped unseat a Wall Street-friendly Democrat—one primed to be the next congressional leader. They …

Putting banking back in the hands of the people: The role of regional cooperative banks in community wealth building

Jules Peck, Founder of the Real Economy Lab, January 3, 2019 Community wealth building If you’re in any way a follower of the ‘new economics’ movement you will probably have heard of the ‘community wealth building’ mantra which is gaining ground as common language. So, what exactly is this new approach to growing local economies? The Democracy Collaborative, where I’m a Next …