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Referred to Committee on Regulatory Reform:  The Bank of Michigan Act, Deposits, Accounting, Allowing the deposit of State money in the Bank of Michigan:

January 23, 2018  Michigan lawmakers file bi-partisan bill to create a State Public Bank  http://www.publicbankinginstitute.org/michigan_lawmakers_file_bi_partisan_bill_to_create_a_state_public_bank    Michigan leaps forward into the running for the first state in a hundred years to create a state Public Bank, thanks to Republicans and Democrats working together for their state's best interests.

Last Thursday, MI House Bills 5431-5434 were formally introduced a bipartisan package of bills that would create and maintain a state bank. According to a statement by State Rep. Martin Howrylak (…

From New Mexico

Prior to any of the below steps being taken, the City of Santa Fe will need to adopt one or more Ordinances of Resolution authorizing the and directing the appropriate actions.

STEP ONE:  Identify the proposed functions of the Public Bank.

? Direction should come from the City Council and the Task Force
? Deciding which functions the Public Bank should perform will determine the approvals
that are needed, and the laws and regulations which will need to be obeyed.
STEP TWO:  Create a business plan for the Public Bank.
? The business plan will be necessary for the various applications the City must make to
charter the Public Bank.
? The City will need to hire outside professionals - bankers, lawyers, accountants, and other
consultants - to create the bu…


Across the country, community activists, mayors, city council members, and more are waking up to the power and the promise of public banks. Such banks are established and controlled by cities or states, rather than private interests. They collect deposits from government entities?from school districts, from city tax receipts, from state infrastructure funds?and use that money to issue loans and support public priorities. They are led by independent professionals who are accountable to elected officials. Public banks are a way to build local wealth and resist the market's predatory predilections. They are a way to end municipal reliance on Wall Street institutions, with their high fees, their scandal-ridden track records, and their toxic investments in private prisons and…


When Craig Brandt marched into the City Council chambers in Oakland, California, in the summer of 2015, he was furious about fraud.

The long-time local attorney and father of two had been following the fallout from the Libor scandal, a brazen financial scam that saw some of the biggest banks on Wall Street illegally manipulate international interest rates in order to boost their profits. By some estimates, the scheme cost cities and states around the country well over $6 billion. In June of 2015, Citigroup, JPMorgan Chase, and Barclays, among other Libor-rigging giants, pleaded guilty to felony charges related to the conspiracy and agreed to pay more than $2.5 billion in criminal fines to US regulators. But, for Brandt, that wasn't enough. …


We're off to a good start!  We got seven, enthusiastic new members at the meeting, and as you can see from the notes below, accomplished quite a lot. 

Members volunteered for the following committees and tasks:

  • An assessment committee - Lynda Francis, Dick Vittitow, Erica Stanojevic and Nancy Abbey will interview decision makers, bank officials, opinion setters, locally knowledgeable folks, etc. to evaluate where our support and opposition will be to the establishment of either a local, regional, or state bank. The first committee meeting is at 10am Wednesday the 8th venue to be determined.  Let Nancy  (nabbey@cruzio.com) know if you want to attend.
  • A research committee to educate ou…
By Nithin Coca,September 29, 2017

At a recent forum at Oakland City Hall, experts from the public banking and community energy sectors explored how the creation of a public bank could help communities transition to clean energy while creating economic opportunities.

"We need to build a more sustainable world, we need to be using energy that is positive for the environment and community, and we need to do it a way that support local jobs," said Rebecca Kaplan, Oakland City Councilmember Rebecca Kaplan who is leading the public bank creation efforts.

The forum took place in Oakland, California, just days after the approval of a resolution to fund a feasibility study by the City Council, with suppor…

Here's why you should invest in a local bank ...

Public banking means banks owned by the people, not by big investors....

Report from Public Banking Meeting

Thursday, Sept. 28

Randa Solick, member WILPF Public Banking Committee, explained how public banks operate and the benefits to local governments and tax payers.

Marc Armstong, president of Commonomics USA and co-founded the Public Banking Institute, described the foundational requirements to establish public banks - whether local, regional, or statewide.  His immediate concern is the development of a licensing procedure.  He asked for volunteers to work with him on the very narrowly focused effort to establish statutory authority so the CA Dept of Business Oversight can issue a Public Bank License (in addidtion to the existing commercial banking license that they already issue.) For list of tasks see below.

What to do ne…
Mother Jones - November 2011

would I want to move my money out of my existing bank?
You'll probably save money in the long run. According to a 2009 year study by the Filene Research Institute, the average credit union account holder paid $71.47 in annual fees, compared to $183.14 paid by the typical bank customer. And new restrictions on debit card fees imposed last month by the Dodd-Frank Act have sent banks scrambling for even more ways to nickel and dime their customers in pursuit of profits. Nonprofit credit unions, on the other hand, only need to break even. They also tend to plow their money back into basic loans in their own communities, instead of dabbling in the kind of complex and risky securitized investments that caused large banks to go bust …


A State Bank can...

  • provide funding for public infrastructure, and housing for low-income and the homeless at low interest rates.
  • divest our state and local treasuries from fossil fuel & pipeline investing private banks.
  • respond to state & local financial woes by providing low-interest loans.
  • provide a safe place for banking cannabis cash that is currently prohibited by the federal government from depositing earnings into private banks.

How it Works

  • the already existing CA Infrastructure Bank can be expanded into a depository bank.
  • all state funds & assets are deposited in the State bank.
  • CA municipalities can deposit their funds in the State bank instead of private banks.
  • low interest rates are charged with all profits returned to the State.
  • acts as a "mini-Fed" …

Vivienne Orgel and Jeffrey Smedberg for the Santa Cruz for Bernie Team

Every time you spend money, it is a political act: Make conscious choices about where you deposit, borrow, spend, and invest your money so as to support social and economic justice.

Whether we each have very limited funds or ample amounts, we can spend, bank, and boycott in support of our values. Many Americans put too much emphasis on financial wealth at a cost to societal and individual health, happiness, and harmony; we need enough to live on but why do some seem to need billions at others' expense? Choose to avoid the corporate grabs and put your money where your values are: in community credit unions and banks, socially responsible IRAs and CDs, and shopping for local and sustainable produ…


--Public Banks Can Revive Them

Crushing regulations are driving small banks to sell out to the megabanks, a consolidation process that appears to be intentional. Publicly-owned banks can help avoid that trend and keep credit flowing in local economies.

At his confirmation hearing in January 2017, Treasury Secretary Stephen Mnuchin said, "regulation is killing community banks." If the process is not reversed, he warned, we could "end up in a world where we have four big banks in this country." That would be bad for both jobs and the economy. "I think that we all appreciate the engine of growth is with small and medium-sized businesses," said Mnuchin. "We're losing the ability for small and medium-sized banks to make good loans to small and medium-sized busin…


The Divest Build Coalition* is a group of activists who believe that there can a symbiotic relationship between:

  •  divestment from fossil fuels and big banks, 
  • addressing a host of social issues,  
  • andcreating public finance that stops feeding Wall Street and sucking the life out of local communities.

What is a Public Bank? 

A public bank is essentially a nonprofit organization, owned by the government and chartered by the state to accept deposits and make loans. Many people don't realize this, but governments are already in the lending business -- most have a portfolio of loans (provided to small business, farmers/ranchers, homeowners, etc.) scattered among different governmental organizations.

A public bank will consolidate these loans and serve a…

The nation's only state-owned bank, has had record profits every year for the last 13 years, with a return on equity in 2016 of 16%, twice the national average. Its chief depositor is the state itself, and its mandate is to support the local economy, partnering rather than competing with local banks. Its commercial loans ranger from 2.4% to 7.5%. The BND makes cheaper loans as well, drawing on loan funds for special programs including infrastructure, startup businesses and affordable housing. Its loan income after deducting allowances for loan losses was $175 million in 2016 on a loan portfolio of $4.7 billion. (2016 BND Comprehensive Annual Financial Report, https://bnd.nd.gov/annual-report/   pages 28-29.)That puts the net return on loans at 3.7%.

In Brief:…

...and Created a Banking System That's 83% Locally Owned

Stacy Mitchell, Sep 1, 2015

placeholderAcross the country, people are suffering the consequences of a banking system that's dominated by a handful of giant banks. Local businesses can't get the credit they need to grow. College graduates are stumbling under the weight of student debt with sky-high interest rates. Neighborhoods are being stripped of their assets through predatory mortgages and consumer loans. And taxpayers are on the hook for municipal finance schemes peddled by Wall Street and loaded with hidden costs.

Banking has become untethered from communities, and indeed, from the very economy it is supposed to serve. The nation's biggest banks have managed to invert the natural order of things, s…

From Gayle McLaughlin candidate for Lieutenant Governor


When the big banks were foreclosing on so many families across the country, I did what I could to protect Richmond. We passed a financing program that would take the mortgages of financially underwater properties by eminent domain, where we could then refinance these mortgages for the homeowners on fair financial terms.

We approved the program - but Wall Street and the big banks were so scared they went to Congress and passed a law to preclude our local effort. Richmond took on Wall Street and lost.

Our determination is to keep on fighting and organizing!

California can have a bank owned by the people just like the state of North Dakota has a bank owned by the people. We'll all save money on financing …

Overthrow the Speculators
          Chris Hedges,  December 2014                   

Money, as Karl Marx lamented, plays the largest part in determining the course of history. Once speculators are able to concentrate wealth into their hands they have, throughout history, emasculated government, turned the press into lap dogs and courtiers, corrupted the courts and hollowed out public institutions, including universities, to justify their looting and greed. Today's speculators have created grotesque financial mechanisms, from usurious interest rates on loans to legalized accounting fraud, to plunge the masses into crippling forms of debt peonage. They steal staggering sum…

Matt Stannard and Marc Armstrong of Commonomics USA*

Some folks, including a public official or two, are tired of public banking advocates bringing up the Bank of North Dakota (BND).

So, we will only bring it up to explain that there are many roads to banking democracy. This proposal, as presented, does not suggest transposing the BND model onto the State of California. It isn't a proposal to use California's assets to capitalize the Bank or to seek partnership with or underwriting of the private banking industry. In the wake of natural disasters, BND has the ability to make bridge loans to businesses and homeowners before they are reimbursed by FEMA and suspend mortgage and student loan monthly payments. In 2015, BND obtained more than $2.5 billion in public deposi…

For full article: L.A. Times - http://www.latimes.com/business/la-fi-public-bank-marijuana-20170727-htmlstory.html

But what about federal drug laws?

Most banks won't knowingly work with marijuana companies because marijuana is an illegal substance under federal law. Banks are overseen and insured by federal agencies, so federal rules, not state ones, are key.

State- or city-owned banks could get around at least some of that federal oversight. At the Bank of North Dakota, deposits are insured by the state itself, not by the Federal Deposit Insurance Corp., taking one federal agency out of the mix.

The bank is overseen by the North Dakota Department of Financial Institutions, not by federal bank examiners. Ratings agency Standard and Poor's noted in a 2014 report that Bank of North Da…

By Robert McVay on May 14, 2017


Political change comes in fits and starts. Cannabis laws did incredibly well at the state level in the 2016 election cycle, but it looks like we are going to be facing the status quo at the federal level for the foreseeable future. That is good news to some extent, as it is seeming less and less likely that the worst case scenario of the Trump/Sessions Department of Justice will come to fruition. We aren't expecting to see mass arrests, seizures, and shut-downs in the cannabis industry.

On the other hand, we also aren't expecting to see any major positive changes on cannabis banking or taxes coming out of this government either. The unsteady status quo will remain, where agencies at the federal government will continue to gra…

Approximately 20 states have authorized usage of marijuana for medical purposes and two states ? Colorado and Washington ? authorized recreational use in November 2012. However, federal law still makes possession and use of marijuana illegal.

All banks are subject to federal law, whether the bank is a national bank or state-chartered bank. At a minimum, all banks maintain federal deposit insurance which requires adherence to federal law. Violation of federal law could subject a bank to loss of its charter.

The Department of Justice in August 2013 issued its third memo to address the current conflict between state and federal law (http://www.justice.gov/opa/pr/2013/August/13-opa-974.html). It is important to recognize that the memo stresses that marijuana is still…

Infrastructure that Doesn't Cost Taxpayers a Dime

Tue, 9/24/2013 - by Ellen Brown
This article originally appeared on
Web of Debt

The U.S. Postal Service (USPS) is the nation's second largest civilian employer after Walmart. Although successfully self-funded throughout its long history, it is currently struggling to stay afloat. This is not, as sometimes asserted, because it has been made obsolete by the Internet. In fact the post office has gotten more business from Internet orders than it has lost to electronic email.

What has pushed the USPS into insolvency is an oppressive 2006 congressional mandate that it prefund healthcare for its workers 75 years into the future. No other entity, public or private, has the burden of funding multiple generations of employees who have no…

1. Santa Fe - formed a Public Bank Task Force, Sept 6, 2017. Within the next six months, the task force will help determine requirements to establish a public bank.

2. Philadelphia - A proposal made to the City Council for a Public Bank Feasibility Study is in the final stages of preparation. This study is the next step before a Santa Fe-style task force is formed to begin to organize the bank.

3. Oakland, CA - Public Banks Funding Renewables. Sept 25th, the people of Oakland will learn how German Public Banks power renewables. The previous Oakland City Council on September 18th considered authorizing the feasibility study on establishing the Public Bank of Oakland.

4. New Jersey - Lead Gubernatorial Candidate Shares His Public Banking Plan Watch as Phil Murphy …


Step 1: Open your new bank account with a small deposit.

Step 2: Make a list of all the automatic payments and deposits that are scheduled to go in and out of your old account each month.

Step 3: If you have direct deposit, ask your employer to reroute your paychecks to your new account. Find out what date the first deposit will occur.

Step 4: Once you know the date, reschedule each automatic payment or debit to come out of your new account. Make sure to ask what date the change will apply.

Step 5: Leave a small amount of cash in your old checking account for at least one more month.

Step 6: Once you're sure all automatic payments and all direct deposits are coming and going f…

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