LD 24 would create a Maine State Bank. as well as allow the creation of county and city-run banks. LD 14 provides that the Maine State Bank would come into existence on July 1, 2017, provided that it had capital of $20,000,000. The bill further provides for a quarterly examination of the Bank by the Department of Professional and Financial Regulation, as well as a state audit every two years.
Although the frontal façade of this essay is “policy analysis of how public finance can solve poverty,” this is really an attempt to explain, at a fairly (but not completely) personal level, why I do what I do.Read more
German public bank Landeskreditbank Baden-Württemberg, or L-Bank, is suing the European Central Bank to avoid coming under EU supervision and regulation, which would increase L-Bank's costs and fees. L-Bank argues that higher costs tied to ECB supervision would undermine its ability to support local families and businesses.Read more
Public Banking Activists Should Take Note of Seattle Council's Resolution Opposing TPP Fast-Track Authority
On Monday, March 30, the Seattle City Council adopted a resolution opposing Trade Promotion Authority, or "fast track" authority, of the President of the United States to implement U.S. agreement to the Trans-Pacific Partnership. The TPP, a regional trade pact between the U.S. and 11 other nations.
Arguments have emerged from all sections of the banking spectrum concerning the causes of community banks' decline. Many observers argue that Dodd Frank's regulations disproportionately impact community banks. But there is no consensus on this. In this morning's American Banker, banking industry consultant and investor J.V. Rizzi takes the opposite view. "There are many things to dislike about the Dodd-Frank Act," he writes. "Causing the demise of community banks, however, is not one of them." Rizzi correctly points out that "the number of community banks with assets under $100 million dropped from 13,000 in 1995 to 2,625 in 2010--before Dodd-Frank was enacted. The number of small community banks had dropped under 1,900 by 2014."Read more
Public Banking Institute founder Ellen Brown was recently a guest on the Global Research News Hour podcast, where she discussed "The Student Debt Time Bomb." As producers of the podcast point out, at "the fourth quarter of fiscal year 2014, student loan debt stood at a colossal $1.16 trillion dollars. According to CNN, this debt applies to 40 million Americans."Read more
2014 found the movement for public banking growing throughout the nation. Discouraged by foot-dragging and reversals on national banking reform, and alarmed over continuing municipal budgetary shortfalls, groups in New Mexico, Washington state and elsewhere stepped up efforts to put public banks on their cities' and states' agendas. These local groups were emboldened by news that the Bank of North Dakota, the nation's only public bank, continues to outperform big private banks.
2015 promises at least as much momentum. In Maine, Illinois, Arizona, New Hampshire, and Hawaii, state legislatures are debating public bank legislation. The Santa Fe City Council passed a feasibility study, Coloradans are pushing for a referendum, and local candidates in Madison, Wisconsin and Spokane, Washington are waving the public bank flag.Read more
A bill providing that Illinois state funds be deposited into a public bank, to be called the Community Bank of Illinois, had its first reading on January 14, 2015, then went to the Financial Institutions on March 10 where, after hearings featuring well-known Chicago activist Amara Enyia and others, the bill moved forward to the Illinois General Assembly.Read more