Thursday, October 3, 2019

Public Banking Victory in California Offers Opportunity for Sustainable Finance

Banking should optimally reflect the public interest and public banking offers one strategy for achieving that aim.

Public banking has roots in Modern Monetary Theory, promoted by Randall Wray and Ellen Brown (among others). Public banking acknowledges state sovereignty in wealth creation, with the idea that wealth creation through public banking can promote public infrastructures and social well being.

Why should a small group of private actors benefit exclusively from our institutional systems for wealth creation?

Public entities can use interest rate accruals from low-cost loans to citizens to subsidize cleaner energy development, economic development, and environmental conservation, lessening tax burdens for citizens while promoting economic and social security. California is on the path to making this idea a reality:

California’s Governor just signed the Public Banking Act, promoted by the Public Banking Institute:

Victory in California! Gov. Gavin Newsom’s signature has made AB 857 — the grassroots-generated, people-powered Public Banking Act — the law in California. The California Public Banking Alliance has been tireless in educating legislators, drafting language, and generating massive statewide public support. The strong leadership of the bill’s co-authors, Assembly members Miguel Santiago and David Chiu, generated 19 co-sponsors and support from several committee chairs, clearly demonstrating the will of the people is behind banks that serve the public interest. Congratulations to everyone involved.

The time has come for public banks to offer a people-controlled alternative to the private, profit-driven Wall Street banks that have failed to serve the public.


Public Banking Institute

The first [memorandum] is a groundbreaking legal memorandum written by Davis Polk and Wardwell Law Firm, one of the most prestigious law firms in the country. Their work came about after Susan Harman (Friends of the Public Bank of Oakland and Commonomics) reached out to the Lawyers Committee for Civil Rights of the San Francisco Bay Area who arranged for the law firm's involvement.

The memo suggests writing legislation in California to establish a new kind of bank charter, or “license," that can serve to standardize the establishment of Public Banks in municipalities across the state. You may request a copy of this memo from Commonomics. The second was completed by Virtue & Najjar Law Firm for the City of Santa Fe: Link: Establishment and Operation of a Chartered Public Bank by the City of Santa Fe

Both memos discuss how a Public Bank might fit within the laws and regulatory requirements of State and Federal law, and the bank chartering system. Both point toward possible paths forward in establishing a public bank. 

Imagine public bank funded energy development. Imagine the freedom enabled by the prioritization of criteria beyond short-to-midterm profitability....

RELATED POSTS (Why We NEED Public Banking)


  1. Tulsi Gabbard and "The Science of Idendity Cult"

    1. Nothing to do with the post but I couldn't help but laugh at the irony. Our last two presidents have a personality cult following of millions. Their followers have been betrayed by both and most of these zombies either don't care or make excuses for them. Such is the power of the cult.

      Sort of refreshing to learn about Tulsi's handler from the start.

    2. I agree with freefall. This my interpretation
      I watched  the twighlight zone episode,
      "He is Alive."
      A shadow figure tells Peter Vollmer, the main character in the episode, that in order to be an effective demagogue, he must not only appeal to his audience, he must imagine himself as part of the mob. He must connect with them at an emotional level.  That is what Obama and Trump did.
      Trump is not a great orator but, he created a cult of emotional connection.

      Obamas came from nowhere. Obama had handlers that projected him, to a Hope base. A base he largely betrayed and sold down the sewer, in favor of the elites.

      Most of Obama'a  persona was fabricated by dark forces in my opinion.  He was propeled into power by a political machine of his oligarchic coalition like all of them are, but he continues to be a largely shadowy figure.

      Trumps speeches could have been lifted directly from the Peter Vollmer character, of the twighlight zone episode,  "He is alive." Trump  was always rotten to the core, unlike Vollmer .
      Trump connected emotionally using a massive-dark money, intelligence apparatus and propaganda network, that is heavily internet supported.  It is  grotesquely over -financed  by the worst corporate interests and dark money.
      It is based on a pack of lies. It continues to exude the worst possible deceptions and barbaric fantasies that appeal to the basest parts of human nature. It has created a process of destruction through  chaos and corruption.
      It filled a political void for some elites and  coopted extremists . It threw most everyone else under-the-bus   It uses  gutter-emotional appeal.
      Tulsi Gabbard is a good orator with little else to stand on. She knows how to push the buttons  that deceptively appeal to a broad base on many issues. Her shadowy core beliefs and backers are surfacing.

    3. Peter Vollmer
      Hes Alive Twighlight Zone Episode

  2. Watch The Trump Nuclear Push That has led america to the brink of more Fukushima's

    on Youtube

    Watch The Trump Nuclear Push That has led america to multiple Nuclear Disasters by with his insane policy of deregulating old dangerous Nuclear Reactors, forced subsidization of them , non-reinforcement against natural disaster


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