Public banking storms the Capitol in California

Jay OwenReforming Global Finance

Public banking advocates storm the Capitol in support of California’s #AB857
Monday April 8 was an action-packed day of citizens’ lobbying for #AB857 in Sacramento. The California Public Banking Alliance gathered advocates from all corners of California to talk public banking with legislators. 

As posted by the Alliance: “Wall Street banks have proven that their interests are not aligned with California’s communities. It’s time for a solution.” Advocate Madeline Kelly Merritt posted the group received an incredible response. Stay tuned for more details to come.

CPBA is urging advocates of public banking to sign this letter of support for #AB857 to be sent to CA Assembly and Senate legislators.

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Ellen Brown OpEd: Why is the Fed paying so much interest to banks?While we receive virtually nothing on our deposit accounts in interest payments, which currently average a mere one-tenth of 1% per year, banks themselves are earning 2.4% on their deposits at the Federal Reserve. Why are the banks getting all this money while taking absolutely no risk?
 
As PBI Chair Ellen Brown explains in her latest article in Truthdig: “That means we, the taxpayers, are paying $36 billion annually to private banks for the privilege of parking their excess reserves at one of the most secure banks in the world—parking them, rather than lending them out.”
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Marc Armstrong returns to PBI
The Public Banking Institute is pleased to announce that Marc Armstrong has returned to PBI as its newly named Development Director, after doing public banking outreach for five years in the divestment and cannabis legalization movements. Marc will be responsible for developing educational programs that identify ways for the public banking movement to address regenerative economics, financial inclusion, and wealth / income inequality, applying different kinds of public banking models and tools. Outreach will be made to organizations particularly that serve the public by prioritizing environmental and economic justice.
New It’s Our Money podcast: Global validation of the public optionThe latest episode of It’s Our Money with Ellen Brown looks at the global picture of public banking with London expert Thomas Marois. Co-host Walt McRee describes the episode: 

Global Proof of the Public Option

The success of publicly-owned banks around the world should give broad encouragement to US state and local governments looking for some financing relief on their growing debt loads. Today’s guest, Thomas Marois, a Senior Lecturer at the University of London, is an expert on the impact that public banks have on economies and societies. His study of public banks shows both the efficiencies and stability these banks provide, as well as the important role democratic participation plays in bank operations. Our lone US public bank, the Bank of North Dakota, is celebrating its first 100 years and reflects the same values and benefits as its global siblings. But its birth years were anything but stable and make a colorful story of politics, personalities and pushback from the banking industry. We take a third visit on BND’s historical trail with author and historian Mike Jacobs.

[listen to the podcast]