Join the Public Bank Project / Building Alternatives Action Team at its next meeting on May 12 at 1 PM. We will make final plans for the educational event on May 18 from 7-8 PM at the Midpen Media Center, 900 San Antonio Rd, Palo Alto, CA 94303
CHECKING THE BANKS
A conversation with TOM SGOUROS
Author of Checking the Banks / Public Policy Analyst
Public Banking: Creating Jobs, Building Communities and Reclaiming the Commons
Interest in public banking has been growing in the wake of the 2008 financial crisis. People all over the United States and Canada are becoming aware that the current system has serious structural flaws that continue to put our overall economic health at risk.
A Public Bank is a chartered depository bank in which public funds are deposited. A Public Bank is owned by a government unit — a state, county, city, or tribe — and mandated to serve a public mission that reflects the values and needs of the public that it represents. In existing and proposed US Public Bank models, experienced bankers, not the government, make bank decisions and provide accountability and transparency to the public for how public funds are used.
What public banks can do for us:
Make affordable loans to small businesses, farmers, government entities, and students
Save taxpayers up to 50% on infrastructure projects, like bridges and trains and schools
Eliminate billions in bank fees and money management fees for cities and states
Support a vibrant community banking sector
Enable sustainable prosperity
Public Banks are popular globally, operating on a variety of models; and new models continue to be proposed. The US, however, currently has only one public depository bank — the Bank of North Dakota (BND). All state revenues are deposited in the BND by law.
Tom Sgouros is a freelance public policy analyst, engineer, and writer. He was Senior Policy Advisor to Rhode Island General Treasurer Seth Magaziner. He makes his home in Rhode Island, an ideal laboratory for studying the effects on the local economy of poor public policy and broken finance markets. In 1991, he became a banking analyst in a hurry upon the onset of Rhode Island’s very own banking crisis. Since then, he has consulted to dozens of elected officials, candidates, and activists, in Rhode Island, Pennsylvania, California, Vermont, and elsewhere around the country, about public finance, banking, tax policy, and sustainable economic development.
For more information contact Jake Tonkel at jacobrtonkel [at] hotmail.com or Melanie Liu at (650) 930-0039 or melliu02 [at] gmail.com.
This event is sponsored by http://www.humanagenda.net/
(See event web page)