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In the News
Murphy Takes First Key Step Toward Establishing a Public Bank
By John Reitmeyer, NJ Spotlight – Gov. Phil Murphy signed an executive order November 13, that creates a 14-member “implementation board” to advance his goal of establishing a public bank in New Jersey. The basic premise of such an institution is to hold the millions of dollars in taxpayer deposits that are normally kept in commercial banks and leverage them instead to serve some sort of public purpose. The new board will be led by Marlene Caride, a former state lawmaker who now serves as Murphy’s commissioner of Banking and Insurance.
Goodman: Time For A State-Owned Bank In New Mexico?
By Peter Goodman, KRWG Public Media – Suppose, in 1919, New Mexico, a cattle-raising state being taken advantage of by large cattle-dealers and big eastern banks, had formed its own state bank? In agricultural North Dakota, a populist wave established the Bank of North Dakota (BND) to protect farmers from powerful out-of-state grain brokers, railroad tycoons, and private bankers. Through changing times, BND has fulfilled its mission to “promote agriculture, commerce, and industry,” by plowing state funds back into local economic development.
BND works with private institutions to help North Dakota’s students, entrepreneurs, and farmers and ranchers. In 1967 BND made the nation’s first federally-insured student loan. BND has been in the black every year since 1971. In 2017 BND’s income was close to $150 million. It’s loan portfolio was just under $5 billion. More than half of the profit goes back into North Dakota’s general fund, offsetting residents’ taxes. The rest goes toward more loans.
The Bank in the Background
By Evan Sparks, ABA Banking Journal – “We were getting to the point where we had people who were saying, ‘I just can’t work, I have no place to take my kids,’” says Obenauer, president and CEO of Union State Bank. Two years ago, Energy Capital Coop Child Care opened to meet that need. The story of how it came together is a classic small town and community banking story, but with a twist. The total cost of the project was $250,000—which may not sound like much, but it can be a big hurdle for a nonprofit coop in a town of 2,400. The Bank of North Dakota in Bismarck was what made the whole project come together. The result: child care for up to 60 kids, employing 19 people at the coop and facilitating 100 additional Mercer County jobs.
As another economic crisis looms, radicalism is the world’s only hope
Grace Blakeley, NewStatesmanAmerica – only way to respond to the radicalism of the right is with a radicalism of the left. The next recession should be met with calls for a Green New Deal – a huge package of state investment that would both absorb the impact of the slowdown today and improve the sustainability of the economy over the long-term. A public banking system must be established as part of this in order to direct capital away from speculation and towards productive, sustainable investment.
Revolution at the Federal Reserve: Nomi Prins and Thomas Hanna
Revolution at the Federal Reserve: Nomi Prins and Thomas Hanna
The Laura Flanders Show
January 22, 2019
As Jim Yong Kim resigns from the World Bank, we talk about the way central banks steer world development and for whom. Former Goldman Sachs managing director Nomi Prins, author of “Collusion: How Central Bankers Rigged the World,” and public ownership researcher Thomas Hanna believe that banking, and development, could be very different.
Local Economic Prosperity for New Mexico with Public Banking
AFLEP team members Bob Mang and Elaine Sullivan speak at Journey Santa Fe – February 24, 2019 Listen to the Podcast
A Public Bank for Public Good – The Laura Flanders Show
A Public Bank for Public Good – The Laura Flanders Show
June 12, 2018
Public Bank NYC — Is a public bank in the financial capital of the world possible? How would that public bank help worker co-ops, students, entrepreneurs, and more? Guests from New York’s New Economy Project, Lower Eastside Peoples Federal Credit Union and Enlace discuss banking for profit to banking for people.
How Central Bankers Rigged the World with Nomi Prins – The Laura Flanders Show
How Central Bankers Rigged the World with Nomi Prins – The Laura Flanders Show
The Laura Flanders Show
June 12, 2018
Bozeman candidate advocates for public housing, government bank
By Katheryn Houghton, Bozeman Daily Chronicle – A city commission candidate who wants to create public housing and a government-owned bank said Bozeman’s prosperity has left too many people behind. Krumm said his first move to respond to Bozeman’s housing shortage would be to advocate for permanent public housing. Krumm said his first move to respond to Bozeman’s housing shortage would be to advocate for permanent public housing.
The answer to helping the unbanked exists on every Main Street: the post office
By Yasmin Gagne, Fast Company – Five reasons why postal banking needs to make a comeback in the United States. As profit-chasing banks abandon low-income and rural neighborhoods, nearly 8% of U.S. households are unbanked, and one in five people live in areas that are insufficiently served by banks, aka “underbanked,” which forces them to rely on alternative and often predatory financial services such as pawn shops, check cashing services, and payday lenders.
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Episode: Everyone deserves a public bank
“I had the good fortune to work on this initiative before Bernie kidnapped all my time. This is one of those no-brainer initiatives that only the 1% could oppose. It has the potential to save the state millions of dollars by vastly reducing the cost of its bonds to improve infrastructure funding. in a public bank, our state funds can be used to build our local economy and our local infrastructure.”
– Paul Gibson
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