News of last week’s declaration by Attorney General Jeff Sessions that he would rescind the federal policy that permitted cannabis growing in states where it had been legalized was met with vehement opposition from governors and other state politicians. This declaration poses a particular problem for banks daring to take cannabis cash. California Treasurer and gubernatorial candidate John Chiang — who recently held a Public Bank Cannabis Forum — responded:
"Until the slow, clunking machinery of the federal government catches up with the values and will of the people it purportedly serves, states — like California — will continue to both resist and, more importantly, to lead.”
The invigorating winds of states' rights in the face of regressive federal policies could fill the sails of the Public Bank movement. North Dakotans see their Bank of North Dakota as a triumph of state sovereignty — asserting local control over their own money.
The right of states to control their own money supply and create credit for their own needs, instead of paying endless interest and fees to Wall Street and allowing unethical banks to hold public funds, can be seen as a natural evolution of awareness. As Ellen Brown mentions in a recent Fast Company article, “The whole idea of the Bank of North Dakota, when it was set up in 1919, was to keep North Dakota money in North Dakota for North Dakotans,”
As state politicians grow more resistant and recognize the abusive nature of regressive federal laws, they could become more willing to asserting their right to reject the abusive nature of Wall Street.