Our allies at the Friends of the Public Bank of Oakland gave us this update. Call to action next Monday and Tuesday:
The public banking feasibility study commissioned by the City of Oakland was released to the City Council and the public last week. Unfortunately, the study does not address many key issues related to public banking. Thus, the City staff, the City Council, and the public aren’t getting the full picture of the strengths a public bank will provide.
At this point, a massive outpouring of public support is critical. Here's what you can do:
Come to City Hall! We need as many constituents and advocates as possible to attend the City Council's finance committee meeting on Tuesday, September 11 at 9:30am PT. Friends of the Public Bank of Oakland will have PBO t-shirts available and signs to hold up. More details here.
Come to the FPBO planning meeting on Monday, Sept. 10 at 5:30pm - 7:00pm PT at Xolo, a restaurant at 1916 Telegraph Ave, Oakland. More details here.
Call City Council, especially the finance committee members. Find phone numbers here. (Asterisked names are finance committee members.)
Here's the message: say that you support establishing the Public Bank of Oakland and you want to see the business plan RFP issued as soon as possible.
Sarah Jones writes in The New Republic:
“The appeal of public banks extends beyond consumer protection to sound fiscal policy. The argument, as articulated by Demos in a 2011 report, says banks can offer lower debt costs to city and state governments, fund public infrastructure projects, and encourage entrepreneurship by providing loans to small businesses at lower interest rates and with lower fees.”
Mark Anielski and Bob Ascah of the Parkland Institute post a new report from Canada:
“Alberta Treasury Branches (ATB) has grown into North America’s largest public bank, seven times larger in terms of assets (loans) than its peer, the Bank of North Dakota. … This report traces the origins and history of this government-owned institution and draws out important lessons from this experience. We then consider the role of public banks within the framework of the role of money and banking in a modern economy. Drawing from this, we put forth a number of policy recommendations that we feel should be considered of strategic value to Alberta’s financial and economic future.”
David Dayen writes in Huffington Post how Los Angeles is leading an important charge toward public ownership of the banking engines of our economy.
"The term “public bank” may confuse some into thinking that Los Angeles is about to create a bunch of branch offices where residents can open a free checking account. The idea is much more ambitious. Public bank enthusiasts want to finance local improvements in housing, infrastructure, and community development by employing the money citizens already pay to state and local governments for services. To them, it’s about democratizing the financial system." ...
In a recent interview posted on The Unz Review entitled “The ‘Next’ Financial Crisis and Public Banking As the Response,” economist Michael Hudson concludes:
“This is so obvious that what is needed is a bank whose business plan is not exploitation of consumers, not fraud, and isn’t gambling. That basically is the case for public ownership.”
PBI Chair Ellen Brown, along with Josh Androsky and David Jette from Public Bank LA, presented a panel discussion at Left Coast Forum Aug 26 on the advantages of a public bank and LA’s historic opportunity to vote in support of creating one this November with Charter Amendment B. Watch the live-stream here (we were without mics, so volume is a bit low).
Ellen will also be presenting at four more conferences in California this fall:
In a new Roosevelt Institute report co-published with the Samuel DuBois Cook Center on Social Equity at Duke University, Thomas Herndon and Mark Paul argue for the public provision of household financial services. They write:
“To foster a more inclusive and accessible economy and society for all communities in the U.S., the public provision of banking goods and services by the government is an important— and bold—option to consider.” ...
November's Public Banking ballot initiative Charter Amendment B will allow the citizens of Los Angeles to vote on the first step to creating a city-owned bank. Public Bank LA, along with an overflowing room of community groups and advocates, launched their action campaign July 28 for creating public support for the ballot measure. Chair Ellen Brown and Suzanne O’Keeffe from Public Banking Institute were there in support. ...Read more
PBI Chair Ellen Brown along with David Jette and Josh Androsky from Public Bank LA will be presenting on Public Banking and the Los Angeles Public Bank ballot measure Charter Amendment B at Left Coast Forum in Los Angeles on Sunday, August 26 at 1:30 - 3:00 pm PDT. RSVP at our Facebook event here. More information here.
Public banking was also a discussion topic at the Left Forum in New York City in June, where a panel moderated by Gar Alperovitz brought together many innovative thinkers. ...Read more