Public Banking Beat - August 17th, 2016

Are you curious about how other PBI activists are advancing the public banking message in their communities?  Check out these updates from our North Carolina and Canada affiliates. Read more

PBI Launches Public Banking Caucus

PBI Chair Walt McRee has announced the creation of a bi-partisan Public Banking Caucus, a strategic campaign to link together the many local and state elected and appointed officials (and candidates) already supporting public banking. Read more

For Public Banking, Dangers of TPP are in the Definitions

The key concern over the Trans-Pacific Partnership is its potential effects on the public's right to control common assets. Both the treaty and its underlying economic philosophy are blatantly hostile to state-owned enterprises and, in the larger sense, the idea of noncommercial or extracommercial economic activity, even when such activity may be necessary to create stable markets.  Read more

Black Lives Matter Endorses Basic Income

The bulk of new policy demands from the Black Lives Matter movement are economic demands--not moral pleas for people to stop being racist or stop purveying or facilitating violence against people of color (although those demands are necessary), but demands for economic security, because economic insecurity makes historically disenfranchised communities more vulnerable to violence and exploitation. These demands include a Universal Basic Income--a policy increasingly embraced by everyone from technology experts to economic justice advocates.  Read more

Five Public Banking Resources from Diverse Sources

If you're thinking of campaigning for a public bank in your city or county, you aren't alone. People form new groups almost monthly, in over 30 states in the U.S., and most of them contact PBI for resources. So here are five resources you may not know about yet, all of which I consider essential for the local education, strategic planning, and grassroots execution necessary to get that seat at the governance table, where you can make the case for a public bank.  Read more

New Anti-TPP Energy Emerges from Dem Convention

Progressive Democrats may not have seen their candidate, Bernie Sanders, achieve the victory they wanted him to, but his issues won't go away. Chief among them is the Trans-Pacific Partnership, and it's more apparent every day that the centrist leadership of the DNC is taking a huge risk by continuing to flirt with the trade deal, which Hillary Clinton has repeatedly insisted she no longer supports. But Clinton's word isn't enough for rank-and-file Democrats.  Read more

And Now, Reverse Redlining by Banks

Redlining is the practice of either denying services outright, or making services more difficult to acquire, because of race or ethnicity. The Fair Housing Act was supposed to end it. It's re-emerging, as we've documented, in Baltimore, St. Louis, and Detroit (and certainly elsewhere).  Read more

Likely Dem VP Pick Loves Big Banks, Hates Regs

Roughly an hour before the post you're reading got posted, multiple sources had confirmed that the likely Democratic VP pick will be Virginia Senator Tim Kaine. For those watching to see if Hillary Clinton was serious about her apparent shift left as the primary wound down, Kaine is the anti-Warren, the antithesis of Sanders, and a walking course reversal to Clinton's recent rejection of the TPP and plans to reign in Wall Street.  Read more

Killing TTIP: Unintended Consequence of Brexit

One consequence of Britain's vote to leave the European Union is that the Transatlantic Trade and Investment Partnership, or TTIP, may actually die. Most of our readers won't mourn that loss.  Read more

Maine Money Invested Out-of-State, Public Banking is Solution

North Dakota is the only state that stashes all of its cash into its state-owned bank. Maine stores its money in Japan, France, Canada, and other U S. states.  Maine state cash that is deposited in “too big to fail” mega-banks, which are Global Systemically Important Financial Institutions, risks loss, since bankruptcy agents could confiscate deposits to pay creditors under the Dodd-Frank law if a mega-bank failed. In a recent report, two-thirds of Maine Treasurers Cash Pool was invested in institutions without local public-deposit branches. This included two French banks, CA and BNPP, the 10th and 8th largest banks in the world. BNPP closed 3 hedge funds in 2007 prior to the 2008 financial collapse and paid a $140 Million fine and $8.8 B settlement for violating fund transfers laws in 2015. Maine's taxpayer's funds are also invested in a Japanese institution, TMCC; and in Wall Street banks that paid fines for crimes: JPMC was fined over $25 Billion for mortgage fraud and other malfeasance; Citigroup was fined for hundreds of millions of dollars; BAC paid fines and penalties of over $150 billion. Read more

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