The path to create a Public Bank for a City or State necessarily requires answering certain legal questions. To help guide those on this path, here are recent legal memoranda that look deeply at the legal issues of consequence in establishing a Public Bank. While existing legislation varies by state, city and county, we all can learn from each other by examining how legal experts address the issues in front of them.
|2014||“Are Public Banks Unconstitutional? No. Are Private Banks? Maybe.” By Ellen Brown – May 2014. Original article here.|
|2011||“Do State-Owned Banks Violate Constitutional Prohibitions Against Lending the State’s Credit? No.” By Ellen Brown in consulation with Tim Canova, Robert Bows – Nov 2011|
|2015||“Do Sections 1 and 2 of Art. XI of the Colorado Constitution Prohibit a City from Operating a Bank or Lending Money?” by Earl H. Staelin – Apr 2015|
|2019||“Do the Constitution and Statues of Colorado Allow the State and Local Governments to Establish and Operate Public Banks?” – Legal Memorandum – July 2019|
|2017||“Establishment and Operation of a Chartered Public Bank by the City of Santa Fe,” by Chaiken and Virtue – Oct 2017|
|2015||“Legal Considerations of City of Santa Fe Public Bank Proposal,” by Rodey Law – Sep 2015.|
|2017||“Memorandum: Seattle’s Authority to Create a Municipal Bank,” – May 2014|
The following list includes existing statutes establishing a Public Bank and other useful related documents. As of April 2018, there are now two Public Banks in the United States: the Bank of North Dakota, and the brand new Territorial Bank of American Samoa.