Why Public Banking in California and North Dakota

October 10, 2019 in News by RBN Staff

 

Source: WHTT

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Public Banking Institute writes:  “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.”

Further, we quote PBI, “Ten Key Facts of Public Banking…

  1. Are owned by the people of a state, city, community, or nation;
  2. Serve as the depository for local government funds (city or state taxes, fees, etc.);
  3. Are required to benefit the public by serving local community needs;
  4. Can save state and local governments millions or even billions of dollars, by cutting out middlemen and private shareholders, eliminating fees, and financing projects at lower interest rates;
  5. Reinvest bank profits into the community, providing a new source of income for cities and states and a source of funding for projects such as infrastructure, renewable energy and affordable housing;
  6. Are run, not by politicians, but by qualified bankers serving a public mission;
  7. Provide accountability and transparency to the public for bank decisions, avoiding the risks of Wall Street’s speculative gambling;
  8. Create new jobs and spur economic growth by supporting local small businesses;
  9. Partner with and support rather than competing with local community banks;
  10. Can lend during times of stress and crisis, helping to sustain a healthy local economy.

Editor C E Carlson asks: Great news, now someone big has joined North Dakota in seeking banking freedom.  But we ask, does this mean the new bank is not a member of the Zionist controlled Federal Reserve System?  If it is, how will the bank remain independent?  Be watchful, California!

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