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lementation in a show of direct democracy that also exposed the citizenry s desire for a more localized and responsible banking system fifteen of nineteen towns passed the resolution during town meeting day an annual event in which voters choose local officials approve municipal budgets and make their voices heard on a number of measures put before local residents for approval the specific proposal under consideration senate bill 204 would turn an existing agency the vermont economic development authority into a public bank that would accept deposits and issue loans for in state projects currently the only state in the u s to maintain a public state bank is north dakota however since the financial downturn of 2008 other states have looked into replicating the north dakota model as a way to buck wall street while taking more control of state and local finances read the entire article here filed under uncategorized 1 comment post office banking could be the start of something big posted on february 20 2014 by administrator richard rj eskow huffington post february 6 2014 it seems like an idea whose time has come with one in four american households partially or entirely excluded from the current banking system and with the u s post office in search of additional revenue why not use the postal system to offer banking services to lower income households in fact this is an idea whose time has already come more than once many nations among them great britain japan germany israel and brazil provide or have provided some form of postal banking services so did the united states until 1966 it s hardly a radical idea the u s system was voted into law in 1910 during the presidency of william howard taft in any case a better way to describe it would be as a beginning what better way to start a much needed transformation of our financial sector than by providing services to those communities the financial industry refers to as the unbanked right now those communities are routinely victimized by predatory payday lenders as we first reported in 2010 studies have shown that payday lenders disproportionately exploit minority neighborhoods with loans that are issued at an average annual interest rate of 455 the average number of loan each borrower takes out is nine per year according to one study as these high rates lead to a cycle of indebtedness sen elizabeth warren has endorsed the postal banking concept which david dayen describes in more detail here as sen warren wrote recently if the postal service offered basic banking services nothing fancy just basic bill paying check cashing and small dollar loans then it could provide affordable financial services for underserved families and at the same time shore up its own financial footing the report that stimulated all this new discussion was written by the post office s inspector general and it makes a compelling case read the entire article here filed under uncategorized 2 comments a whole new pot of money for entrepreneurs time for a state owned bank posted on february 20 2014 by administrator ryan davis herald net february 3 2014 could the legalization of marijuana in washington create opportunities for small businesses to access a new source of capital investment maybe something like this proposed legislation to create a washington state run public bank would provide a legal banking alternative for marijuana related businesses and potentially a new source of credit for small businesses while our state voted to legalize marijuana in the past election possession and distribution remains a federal offense as a result many banks will not accept cash deposits from dispensaries or other related businesses for fear of public seizure recently the u s department of justice announced it was preparing new guidance that would allow state legalized cannabis businesses to use federal banks however without a defined safe harbor or action from congress many may feel the risk outweighs the benefit a solution may be to create a public bank in the state to handle these deposits and provide banking services a public bank is a financial institution in which the state or public actors are owners advocates for public banking point to north dakota as a policy model as the state receives revenues from taxes and fees rather than depositing those funds into a commercial bank they are deposited at the bank of north dakota read the entire article here filed under uncategorized leave a comment montana group says state owned bank could help students farmers posted on february 20 2014 by administrator jan falstad missoulian february 2 2014 billings the idea of setting up a state owned bank in montana to invest at home and offer low interest loans to small businesses and farmers was debated last week in billings a bill to set up a montana bank modeled after the state bank of north dakota set up 85 years ago was tabled during the 2013 session of the montana legislature but members of the montana organizing project and other participants informally decided tuesday night to study the concept to see if it made sense to draft another bill for the 2015 legislative session read the entire article here filed under uncategorized leave a comment enough is enough fraud ridden banks are not l a s only option posted on february 20 2014 by administrator ellen brown truthdig january 30 2014 l a relies on these banks says the times for long term financing to build bridges and restore lakes and for short term financing to pay the bills the editorial noted that a similar proposal brought in the fall of 2011 by then councilman richard alarcon backed by occupy l a was abandoned because it would have resulted in termination fees and higher interest payments by the city it seems that we must bow to our oppressors because we have no viable alternative or do we what if there is an alternative that would not only save the city money but would be a safer place to deposit its funds than in wall street banks there is a place where they don t bow where they don t park their assets on wall street and play the mega bank game and haven t for almost 100 years where they escaped the 2008 banking crisis and have no government debt the lowest foreclosure rate in the country the lowest default rate on credit card debt and the lowest unemployment rate they also have the only publicly owned bank the place is north dakota and their state owned bank of north dakota bnd is a model for los angeles and other cities counties and states read the entire article here filed under uncategorized leave a comment is postal banking already legal yes posted on february 20 2014 by administrator matthew yglesias slate january 29 2014 many countries including at one point the united states of america do something called postal banking where essentially the local postal service offers some simple and basic financial services to the population bringing a postal bank to the united states would basically address two issues one is that it would create a kind of public option for simple banking services and perhaps drive check cashing and payday lending joints out of business the other is that it would create an additional revenue stream for the usps and specifically a revenue stream that would justify holding on to all its real estate assets so they could serve as branches to me the public option part of the argument has always made more sense than the save the postal service part of it but a new white paper from the usps inspector general alters that calculus in my view by arguing that the usps already has statutory authority to do postal banking read the entire article here filed under uncategorized leave a comment prosperity for main street not wall street posted on february 5 2014 by administrator rudy avizius mike krauss youtube channel publicbankingtv january 29 2014 our cities are not broke they are struggling with onerous interest payments to wall street bankers who are nothing but middlemen these interest payments impoverish your communities while enriching wall street this video shows how municipalities counties universities and states can significantly reduce their interest payments by creating their own public bank this has already been done and proven and could cut the costs of public projects by at least half watch the video here filed under uncategorized 1 comment the post office should just become a bank how obama can save usps and ding check cashing joints posted on february 5 2014 by administrator david dayen new republic january 28 2014 one of the key messages of tonight s state of the union address will be president obama s willingness to bypass congress to create jobs and reduce inequality as luck would have it yesterday a new government report detailed an innovation that would preserve one of the largest job creators in the country save billions of dollars specifically for the poor and develop the very ladders of opportunity that obama has championed as of late what s more this could apparently be accomplished without congressional action but merely through existing executive prerogatives what s the policy letting the u s postal service usps offer basic banking services to customers like savings accounts debit cards and even simple loans the idea has been kicked around policy circles for years but now it has a crucial new adherent the usps inspector general who endorsed the initiative in a comprehensive white paper read the entire article here filed under uncategorized leave a comment elizabeth warren coming to a post office near you loans you can trust posted on february 5 2014 by administrator elizabeth warren huffington post february 1 2014 the poor pay more and that s one of the reasons people get trapped at the bottom of the economic ladder but it doesn t have to be this way in the same remarkable report this week the oig explored the possibility of the usps offering basic banking services bill paying check cashing small loans to its customers with post offices and postal workers already on the ground usps could partner with banks to make a critical difference for millions of americans who don t have basic banking services because there are almost no banks or bank branches in their neighborhoods read the entire article here filed under uncategorized leave a comment vermonters for a new economy final state bank study posted on january 27 2014 by administrator vermonters for a new economy january 25 2014 after many months of preparation and peer review the vermonters for a new economy group has finally completed the study of the economic impacts of a public bank in vermont highlights include over 2 500 new jobs created over 190m in new economic value added over 340m in additional gross state product the existing institutions already have the capital to establish a bank no new appropriation or bonding needed recommendation that veda s authority be expanded to include banking which is what s 204 proposes this year read the study here filed under uncategorized 1 comment brominski exploring creation of county owned bank in luzerne county pennsylvania posted on january 27 2014 by administrator jennifer learn andes timesleader com january 25 2014 council vice president thinks move would be start of a financial recovery will luzerne county get into the banking business luzerne county council vice chairman edward brominski sent an email to his council colleagues this week introducing a potential financial relief concept he is researching creation of a county owned bank i believe from first impression that this could be the start of a financial recovery for our county i will release this to the press in the next few days brominski said in the email read the entire article here filed under uncategorized leave a comment study vermont should allow veda to be state bank posted on january 27 2014 by administrator warren johnston valley news january 19 2014 allowing the vermont economic development authority to operate as a state bank would create thousands of jobs save the state millions in interest costs and add hundred s of millions in value and production a study released last week says the peer reviewed study conducted by the gund institute at the universities of vermont and massachusetts did not recommend that vermont start a state bank from scratch but suggested an expansion of the existing agency which essentially functions as public bank now interest in establishing public banks has been growing nationwide in the wake of the 2008 banking crisis north dakota has the only state bank in the country and during the last legislative session vermont lawmakers considered but didn t pass bills to study the impact of a state bank based on the north dakota model a coalition of organizations individuals and businesses called vermonters for a new economy commissioned this study with funding from the donella meadows institute of norwich proponents believe vermont could save hundreds of millions of dollars stimulate business and create jobs with a state bank and the study s findings support that view read the entire article here filed under uncategorized leave a comment public bank town meeting campaign underway posted on january 27 2014 by administrator amy kolb noyes vpr news january 2 2014 advocates for the formation of a vermont public bank are bringing the issue before local town officials across the state the group vermonters for a new economy is organizing the effort which it s calling its town meeting campaign read the entire article here filed under uncategorized leave a comment from austerity to abundance why ellen brown is running for california treasurer posted on january 27 2014 by administrator ellen brown signs of the times january 15 2014 california cannot solve its budget problems by slashing services that have already been cut to the bone or raising sales taxes that hurt the poor far more than the rich we are fighting over a pie that remains too small the pie itself needs to be expanded and it can be how by reclaiming that portion that is now siphoned off in interest and bank fees when tallied up at every stage of production interest has been calculated to claim one third of everything we buy how can that money be recaptured by owning the bank read the entire article here filed under uncategorized leave a comment rolling stone five economic reforms millennials should be fighting for 5 a public bank in every state posted on january 7 2014 by administrator jesse myerson rolling stone january 3 2014 five economic reforms millennials should be fighting for guaranteed jobs universal basic incomes public finance and more it s a new year but one thing hasn t changed the economy still blows five years after wall street crashed america s banker gamblers have only gotten richer while huge swaths of the country are still drowning in personal debt tens of millions of americans remain unemployed and the new jobs being created are largely low wage sub contracted...