Ellen Brown, Chair, Public Banking Institute
States can expand the local money supply by creating money in the same way banks do, by lending it into the local economy through their own publicly owned banks.
Jack Dalrymple, Governor, North Dakota
Our economic advisers have told us there is no similar state in the nation that could have weathered such a collapse in commodity prices without serious impacts on their financial condition.
Kevin Zeese, Popular Resistance
Public banking could be the linchpin for a major transformation of US banking. It is absurd that cities put all their money in Wall Street banks, so those banks can leverage city dollars to become even more dominant in the finance capitalist economy of the US. And then cities borrow money from those same banks at high interest rates and pay large fees to keep money in those banks. It just makes no sense and cities/states keeping public dollars and leveraging them for community needs should be a central issue in remaking the economy.
Marc Armstrong, Commonomics USA
We can use bank credit, the tool Wall Street banks use to amass wealth and power, to empower ourselves.
Martin Howrylak, Michigan State Representative
This is a fiscally responsible solution for taxpayers. The State Bank of Michigan would be a win-win for taxpayers, schools, local governments and local banks. The time is now.
Upton Sinclair, The Book of Life
The farmers of North Dakota have shown one way. They took the control of their state government into their own hands, and the most important and significant thing they did was to start a public bank. The interests fought them tooth and nail; not merely the interests of North Dakota, not merely of the Northwest, but of the entire United States. They fought them in the law courts, up to the United States Supreme Court, which decided in favor of the people of North Dakota. Therefore, make note of this vital fact—the most important single fact in the strategy of the class struggle—every state can, under the constitution, have a public bank; every city and town can have one, and no court can ever forbid it!
Jimmy Tobias, The Nation
There’s a movement on the rise to weaken the power of corporate banks and replace them with financial institutions that are owned and managed by cities and committed to putting public interest above profit. It’s a movement to create public banks.
Paul Alexander, Medium
While most cities and states pay hefty sums of money and outrageous interest fees to have private banks fund their infrastructure projects, a Public Bank can do this at a significantly lower cost ... without exposing itself to the boom-and-bust cycle of volatile markets and risky Wall Street financial products.
David Dayen, Los Angeles Times
A true public bank could seriously reduce the cost of infrastructure needs, and decrease the state's reliance on dodgy financial giants.
David Dayen, Los Angeles Times
A public bank could also be tasked with lending money to support critical public needs. Ethical developers have trouble financing affordable housing, and nonprofit entrepreneurs have trouble securing small business loans; a California public bank could operate as a lifeline.
Paulina Gonzalez, Executive Director, California Reinvestment Coalition
In this case, it’s about tax dollars. There’s a real interest in cities and states to think about what can they do to ensure that there’s a banking model in place that is as able to reinvest tax dollars back into communities.