Arizonans for a New Economy has been working on public banking initiatives in Arizona since 2011.
Austerity is a lie.
We have plenty of money.
The problem is that it is being gambled on Wall Street, instead of being invested on Main Street.
That is the message of public banking.
The State of Arizona– and 48 other states– allow billions of dollars in taxpayer funds to be invested for the benefit of Bank of America, JP Morgan CHASE, Wells Fargo, and other Wall Street banks who our hold rainy day funds. Shareholders in those “too-big-to-fail” banks make money on OUR money, while we are told to “tighten our belts”. The only state whose economy didn’t crash in 2008-09 was North Dakota because the State of North Dakota created a public bank in 1919 and invests its money at home, rather than allowing Wall Street to invest ND funds for the benefit of Wall Street shareholders. Forty percent of the world’s banks are public banks, but there is only one in the US because our country and our government are controlled by Wall Street.
Public banking advocates across the country are working on state and municipal public banking initiatives. Public banking initiatives have been proposed by both Republicans and Democrats in multiple sessions of the Arizona Legislature. This year, there are multiple bills addressing public banking and/or the health of community banks in Arizona.
The most promising bill is SB1395, proposed by Southern Arizona Senator Andrea Dalessandro, a long-term public banking advocate which would establish a task force to study the feasibility of establishing a state bank of Arizona. SB1395 will be heard by the Senate’s Financial Institutions Committee on Wednesday, February 18, 2015.
Continue reading →
Like this:
Like Loading...
Five Arizona Legislators have proposed 15 different bills to regulate … or deregulate… the use of cannabis in Arizona, and there could be more.
