Public Banking -- it already works in the United States and is catching on! 20 States are considering some form of state banking legislation.
What's Happening in your State?
Public Banks are ...
• Counter-cyclical, meaning they are capable of reducing the negative impact of recessions, because they can make money available for local governments and businesses precisely when private banks decrease lending.
• Potentially available to any-sized government or community
able to meet the requirements for setting up a bank.
• Owned by the people of a state or community.
• Economically sustainable, because they operate transparently according to applicable banking regulations
• Able to offset pressures for tax increases with returned credit income to the community.
• Ready sources of affordable credit for local governments, eliminating the need for large “rainy day” funds.
• Required to promote the public interest, as defined in their
• Constitutional, as ruled by the U.S. Supreme Court
... and are not
• Boondoggles for bank executives; rather, their employees are
salaried public servants (paid by the state, with a transparent pay structure) who would likely not earn bonuses, commissions or fees for generating loans.
• Speculative ventures that maximize profits in the short term,
without regard to the long-term interests of the public.
Common Misperceptions of Public Banking
Why Public Banking?
PBI is committed to public banking becoming a mainstay of support for the new economy.
We're Making Progress -- Join Us!
I joined The Public Banking Institute as their Development Director, because the Wall Street bankers have taken enough and Public Banking is a proven strategy to localize credit and bring prosperity back to our local economies.
PBI has accomplished a great deal since its founding eighteen months ago. PBI has supported local teams in 18 states that have officially introduced legislative or initiative bills either to form state-owned banks or to do feasibility studies to determine their potential. PBI has created a research depository on their website as a resource for advocates. And the 2012 Public Banking conference “Democratizing Money, Restoring Prosperity” was sold out with people coming from over 15 states and Canada.
One of our presenters was 12-year-old Victoria Grant, whose 6 minute video now has had over 3 million views, but, to continue we need your support. The Public Banking Institute needs your financial support in order to continue to advance what can then become the public banking movement.
We are planning our 2013 conference on the West Coast and there is a lot of work ahead to establish city, county or state-owned banks. We need your support. Public banking runs the risk of continuing to be a good idea waiting to happen. We invite you to join us in this effort to make it happen.
I am part of a team of public banking advocates and, like them, am donating much of my time. Give now so that by this time next year we can say, "We did it!"
Public Banking Institute
Banking in the Public Interest
Youthful Speaker at PBI Conference Gets 2.5 million hits
Did You Know ...?
As of the spring of 2010, North Dakota was also the only state sporting a major budget surplus; it had the lowest unemployment and default rates in the country; and it had the most community banks per capita, suggesting that the presence of a state-owned bank has helped, not hurt, the local banks. More ...