Treasurer rolls up his sleeves for Oakland public bank

Alameda County Treasurer is ready to roll up his sleeves to build an East Bay Public Bank

The public bank effort in Oakland, California continues full steam ahead! Last week, the Oakland City Council voted unanimously to accept the completed feasibility study and examine necessary next steps forward.

Adding to the momentum, Alameda County Treasurer Henry Levy stated not only his support for the East Bay Public Bank, but also his desire to take a leadership role in completing the business plan needed to apply for a bank charter through the State of California. For an elected official to make that sort of commitment represents a giant step forward for the East Bay Public Bank project. Oakland, Berkeley, Richmond, and Alameda County all contributed funds for the feasibility study.

The Friends of the Public Bank of Oakland (now renamed Public Bank East Bay) wrote a response to the feasibility study, which you can read here.

New report strongly recommends a public bank for New Jersey

Creating a public bank, Gov. Phil Murphy’s campaign centerpiece, has been left on the back burner since his election. But a new report supports the argument that it could play a key role in achieving big public-policy goals. John Reitmeyer writes about it in NJ Spotlight:

“The New Jersey Citizen Action Education Fund’s report suggests that New Jersey may be a prime location for a public-bank revival, given the state has many needs that are not being fully met by commercial banking institutions. It cites gaps in small-business lending, retirement savings, infrastructure investment, affordable-housing financing and the availability of low-cost student loans as examples.”

International News: Greece turns to Germany to help develop a public regional bank system

The German Sparkasse, the public banking system that is the backbone of the German economy, will be providing the model and expertise for Greece to create a similar system of regional banks.

As reported in HellasJournal:

“The Economy and Development ministry, in an announcement said the two sides agreed to create a system of regional banks in Greece, including both cooperative banks and financial institutions that will result from the initiative of the country’s regions, with the German Sparkassen offering the necessary know-how.”

Latest short video highlights the superpower of banks to create money

Friends of Public Banking, a project of Commonomics USA, has put out another of its short videos, this time highlighting the “superpower” that banks have to create money out of nothing. Please watch and share.