On the heels of Gov. Phil Murphy’s landslide success in NJ, another prominent government official has adopted Public Banking in his platform for his potential campaign. Matt Brown, Rhode Island’s former Secretary of State, has just announced he is exploring a campaign for the governor’s office and is connecting the potential of a state bank to the lives of the people of Rhode Island.
Citing lost economic opportunities that result from Wall Street debt financing, Brown thinks Rhode Island’s resources for generating new industries could flourish if the state had a Public Bank. Many of the prospects he sees center around the abundant renewable energy sources that lie just off-shore in wind generation. The obstacle to development has been a lack of robust and cost-effective funding.
Matt Brown thinks the Public Bank is a game changer:
“Change also means we must take our money back from Wall Street. So many of our problems come down to not having enough money……essentials like affordable housing and quality education remain out of reach. The only solution our system offers is to raise taxes or go further into debt.”
Citing the billions of public dollars siphoned away from the state through Wall Street agents, Brown is calling for a new alternative:
“We can and should start our own bank here in Rhode Island…… [to help with] creating jobs, raising wages, supporting small businesses and strengthening communities here at home.”
Brown is following in the footsteps of New Jersey’s newly elected governor, Phil Murphy, a former Goldman Sachs banker, whose landslide success at the polls was built in part on creating a state bank to fuel his economic plans. The New Jersey State Senate now has a bill calling for creation of that bank.
In Rhode Island, as in many other states, growing needs for more money are not being met by the private capital markets, and when they’re used, costs of public projects often double. Candidate Brown sees this as unsustainable, as well as a missed opportunity: “The profits earned by this bank will provide a new and growing source of revenue to invest in Rhode Island, without raising taxes or putting the state further into debt.”
Further, he cites the instability of the global banking market; Brown says, “The bank will help protect our money the next time Wall Street crashes.”
Matt Brown, a former Democrat, is running as an Independent. More information about his campaign platform positions are at www.MattBrownforGovernor.com.