Public Banking Institute News: Jan 17, 2019
Interim report from UW concludes a state-chartered cooperative bank is a good idea
In July 2018, Washington State’s Office of Financial Management asked the Evans School of Public Policy and Governance at the University of Washington to complete an evaluation on the benefits and risks of establishing and operating a state-chartered, public cooperative bank. This evaluation would inform the creation of a business plan for such a bank. The interim report delivered mid-December concluded that: “Improvements can be achieved by creating a state-chartered public cooperative bank.”
The report also clarified that creation of such a bank is feasible under the state’s constitution, although it would require an enabling statute and the amendment of others. The final business plan report is due June 30, 2019.[read the report]
Connecticut State Rep makes a strong call for a state public bank
More elected officials every week are seeing the potential of public banking to address budgetary woes. The latest is Connecticut State Representative Josh Elliott, who writes in the CT Mirror of how the century old Bank of North Dakota has “spun off $300 million in revenue to the state over the last decade alone [now $360 million since 2005] while also providing some significant functions. …
“We need to implement a public bank in Connecticut because it allows for consistent and cheap lending. It works both for the state as an institution, and it works for its residents.”
International News: The UK is building a network of regional community cooperative banks
The concept of “community wealth building” is gaining traction in the UK with politicians on all sides seeing the appeal of community-owned banking models. UK law was changed in 2014 making it possible for banks to be licensed as a true cooperative bank. The resulting coop banks are starting to spread across the UK with the vision of developing a wide network of regional community banks.
One such bank’s founder, Jules Peck, writes how these regional coop banks can put banking back in the hands of the people:
“As well as the bank I have helped found in the West of England region, Avon Mutual, we have banks already in formation in London and the South West and soon we hope in the Preston, Merseyside and Lancashire region, as well as in Wales. … We won’t be trading and involved in the speculative ‘financialized’ economy—just the real economy of our regions. Using local savings to lend to local citizens and businesses and other institutions.”
Together, we can make 2019 the year public banks win!
Thank you again for your determination and support. Your financial support will help fund our 2019 Campaign for Public Banks to create the BIG PUSH we need now to get public banks established. You can sign on to support and contribute below.
**Thank you to everyone who’s working so hard to make Public Banks a reality! Please consider suggesting to your elected officials that they sign up for our PBI newsletter so that they can keep up to date.**
Coming Public Banking Events
San Francisco, CA | Jan 24, 5:30 – 7:00pm PT | SF Public Bank General Meeting
San Francisco Main Public Library, 100 Larkin St, San Francisco, California 94102. Come to our first meeting of the new year and we’ll recap #ThePeopleVsWallSt + talk about the working committees + plan for the 1.29th event! Located in the Paley Room on the 3rd Floor! Facebook event here.
San Francisco, CA | Jan 29, 2:00 – 5:00pm PT | Pack the chamber to demand a Public Bank!
City Hall, 1 Dr Carlton B Goodlett Pl, San Francisco, California 94102. Rally in front of City Hall and then pack the Board of Supervisors meeting to demand they put a charter amendment on the November 2019 ballot that would move SF to create a public bank! Facebook event here.
Santa Rosa, CA | Feb 9, 1:30 – 3:00pm PT | Public Banking Meeting
Peace and Justice Center of Sonoma County, 467 Sebastopol Ave, Santa Rosa, CA 95401. Sonoma Solidarity with Standing Rock has joined forces with the Friends of Public Banking Santa Rosa. Public Banking is the ONLY way for cities such as San Francisco and Seattle to fully divest their bank accounts from fossil fuels. Our divestment team supports public banking as it is the ONLY option for our local cities, counties and other large institutions to divest. Facebook event here.
San Francisco, CA | Feb 14, 6:00 – 7:30pm PT | Public Banking 101 at 350 Alabama St
350 Alabama St, San Francisco, CA 94110. ZERO financial background required to come learn how we can take $11 BILLION of SF taxpayer money Out of Wall Street and Into Our Streets! RE-Investment via public banking has re-emerged as an avenue to fulfill to these calls for divestment while simultaneously taking back control of our own city’s money. Here in San Francisco, people are pushing for a movement to divest our city taxpayer money from Wall Street, and reinvest that money into permanently affordable housing, green energy infrastructure, schools and more. More info here. Facebook event here.
Please send us notice of Public Banking events in your area, and we’ll help spread the word!
Email [email protected]kinginstitute.org