Public Banks and Credit Unions

Marc_Armstrong.pngAs Labor Day approaches, it’s a perfect time to share our colleague, Marc Armstrong’s thoughts on Public Banks and Credit Unions. 

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Australian Banks-Serving Private Interests

Australian Banks-Serving Private InterestsThe banking industry’s disinterest in serving public needs is also a problem in Australia. 

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How It’s Getting Done in Santa Fe

Santa Fe City Council Says Yes

Volunteer Public Bank Task Force Members:  Kelly Huddleston (attorney), Robert Mang (retired business owner-environmental/ social impact), Adam Johnson (Finance Director, City of Santa Fe), Darla Brewer (retired bank regulator), David Buchholtz (attorney government finance), Wayne Mueller (retired banker), Elaine Sullivan  (citizen advocate), Judy Cormier (retired chief bank compliance officer), Randy Hibbin (retired banker), Michelle Lis (task force facilitator, not shown).

On August 15th, Santa Fe’s Public Bank Task-Force held its first meeting at the Santa Fe Convention Center. They formed five sub-committees that will investigate governance, legal, regulatory, and capitalization and financial questions required by the New Mexico De Novo Bank Charter application.

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Five LA City Council Members Introduce Public Bank Motion

File courtesy of Wikimedia Commons

BREAKING!!! July 27th - Los Angeles City Council took action for the creation of a state-chartered public bank for the City of Los Angeles! The financial institution will be named "Bank of Los Angeles" and would reinvest in the communities, neighborhoods, and residents of the City of Los Angeles. Click here to read more...

California and L.A. Not Far Behind!

California_State_Treasurer_John_Chiang.jpgMeanwhile, California State Treasurer John Chiang has formed a Cannabis Banking Working Group to determine what to do with the cannabis cash that will be rolling into "pot shops" in January, after Prop. 64 legalized the herb for popular use. It is expected to be a $7 billion business generating a potential $1 billion in tax revenues; but it is a business with nowhere to bank, due to the federal ban on the herb. On August 10, the Treasurer is holding a workshop open to the public, featuring public banking veterans Marc Armstrong, Matt Stannard and Gwen Hallsmith among others. It will be held at the Sheraton Gateway Hotel on Century Blvd. in Los Angeles and will run from 9:30 a.m. to 1:30 or 2 p.m. It should be good!

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Washington State Public Bank Workshop

Washington State Bank Workshop:  Senator Hasegawa (host), Representative Ornsby, Senators Chase, Wellman, Kuderer, Presenters: Walt McRee, Former PBI Chair, Ellen Brown, Chair PBI ,   Dr. Karl Beitel, Senator Soldana

Washington State Sen. Bob Hasegawa has been working diligently on a state-owned bank ever since 2011. Last month, the legislature finally authorized $75,000 for a study to determine the feasibility of such a bank. On July 14th, he and Sen. Lisa Wellman held an all-day workshop at which public banking veterans Walt McRee, Ellen Brown, and Karl Beitel were invited to advise. 

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Now Hiring Communications Coordinator - Please Share

PBI is Hiring!The Public Banking Institute seeks an experienced part-time media consultant to coordinate our web development (Nation Builder), social media, and appeals. Background in Public Banking a plus!


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CEPR: Fed Needs to Recommit to Full Employment

CEPR: Fed Needs to Recommit to Full EmploymentThe Center for Economic and Policy Research (CEPR) is calling for the Federal Reserve to return to its historic commitment to full employment. According to CEPR…

“The Federal Reserve should take lessons from the Fed in the 1990s and remain committed to its full employment mandate. A new report from The Center for Economic and Policy Research and The Fed Up campaign at the Center for Popular Democracy provides a history of the full employment mandate – from the Civil Rights Movement to Alan Greenspan and the actions the Federal Reserve took in the 1990s to support growth in the economy.

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Has Capitalism Become a Religion?

Has Capitalism Become a Religion?“Stop calling your God by other names when you really wanna call God capitalism,” was the outcry from a clergy member at a recent Congressional hearing on healthcare reform.

Is capitalism a religion?

“Its moral code promises salvation, its high priests uphold their orthodoxy. But perhaps too many of its doctrines are taken on faith,” writes John Rapley in The Guardian.

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Santa Fe Chooses Public Banking Task Force


Santa Fe has been winding its way toward establishment of a public bank for the past few years. Mayor Javier Gonzales even included public banking in his campaign platform. This summer, it took a major step forward with the announcement of a nine-member task force to determine the requirements to establish a public bank.

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