Ellen Brown: The public banking revolution is upon us

Money in our hands

Photo courtesy Truthdig


Which state will be the first to declare its independence from Wall Street — California or Washington? PBI Chair Ellen Brown writes in Truthdig that the race is on. Policymakers and public banking advocates in both California and Washington State have passed their initial legislative hurdles to forming the nation's second state-owned bank. Ellen writes:

“The first hearing on [Senator Ben] Hueso’s Senate Bill 528 was held in Sacramento last week before the Senate Committee on Governance and Finance, where it passed. The bill goes next to the Banking Committee. With momentum growing, California could be the first state in the 21st century to form its own bank; but it is getting heavy competition in that race from Washington State.”

In Washington State, legislators are waiting for a comprehensive business plan, due on June 30. Ellen writes: 

“In yet another bill, SB 6032-Supplemental Budget, the fiscal Ways and Means Committee committed $480,000 to assessing risk and developing a business plan for the effort. The form of the proposed bank was also modified: A bank that simply would have received the state’s tax funds as deposits evolved into a ‘co-op’ that would be open to membership not just by the state but by all ‘political subdivisions that have a tax base.’”

[Read the full article]

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