US News & World Report (Opinion): Can Public Banking Finance the New Economy?

David Brodwin • http://www.usnews.com/opinion/blogs/economic-intelligence • September 27, 2012

North Dakota shines like a bright star in the dark night of America’s Great Recession. It stands out for two reasons: First, it led the United States in sustaining a strong economy and high employment through the last four years. Second, it is the only state in the union with a publicly-owned bank. Many believe the Bank of North Dakota played an important role in stabilizing the state’s economy, and they would like to replicate public banks nation-wide. It will be a tough fight, and an important one.

Read the complete article here.

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PBI Newsletter, September 2012: Political Platforms and Public Banking

PBI Newsletter, September 2012 • PublicBankingInstitute.org • September 27, 2012

The PBI (Public Banking Institute) September Newsletter is here!
Sign up for the Newsletter here.

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A state bank is the difference

RODRIK BROSTEN • http://m.missoulian.com • September 6, 2012

Around 1915, the Nonpartisan League in North Dakota was established. Its platform called for a state-owned bank and state ownership of a grain elevator terminal and flour mill. Within a few years, it controlled the legislature and all state offices and its plan was put in place. But within two years, the party imploded, and in 1921, North Dakota held a special election and state wide officials were recalled, including the Republican governor, a first for the United States. But, on the same ballot, a proposition to shut down the bank failed and it went ahead. Today, the bank is profitable and respected, providing economic leadership to the state and value to the people; the mill and its flour is a source of pride state wide.

Why does North Dakota have the lowest unemployment rate (3.2 percent) and the fastest job growth rate in the country? Oil is certainly a factor. Alaska has roughly the same population and produces twice as much oil, yet unemployment is running at 7.3 percent. Montana, South Dakota and Wyoming have benefited from the boom in energy prices, with Montana and Wyoming extracting much more gas than North Dakota has. The Bakken oil field stretches across Montana as well as North Dakota, with the greatest Bakken oil production coming from Elm Coulee oil field in Montana. Yet Montana’s unemployment is 6.3 percent.

North Dakota is the only state to be in continuous budget surplus since the banking crisis of 2008. In fact, it recently reduced individual income taxes and property taxes by a combined $400 million. It also has the lowest foreclosure rate and the lowest credit card default rate in the country and it has had no bank failure in at least the last decade.

The secret is its own state-owned bank….

…So why does Montana not have a state-owned bank? A bill to study the concept was presented to the 2011 Legislature and as a candidate for the Montana House of Representatives, I look forward to working with others to see that another bill will appear in 2013 to go on to the next step.

Rodrik Brosten of Bigfork is a candidate for Montana House District 9.
Read the complete article here.

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North Carolina State Senate Bill 936 filed to Study the Establishment of a State-Owned Bank (2011-2012 Session)

http://www.ncga.state.nc.us • May 31, 2012

Summary
AN ACT to ESTABLISH A JOINT LEGISLATIVE STUDY COMMISSION TO STUDY THE FEASIBILITY OF ESTABLISHING THE “NORTH CAROLINA INVESTMENT TRUST,” WHICH WOULD BE A STATE‑OWNED BANK RECEIVING DEPOSITS OF STATE FUNDS.

Sponsors
Senator Kinnaird

05/30/2012 Senate Filed
05/31/2012 Senate Held As Filed

Status of the Bill is here.
Text of the Bill is here.

Nevada State Senate Bill 341, to Study the Establishment of a State-Owned Bank, Lost 11-10 (2011).

legiscan.com • June 5, 2011

Summary
Directs the Legislative Commission to appoint a subcommittee to conduct an interim study concerning the establishment of a bank that is owned, controlled and operated by this State. (BDR S-870)

Sponsors
Sen Copening
Sen Breeden
Sen Leslie
Sen Manendo
Sen Ohrenschall
Sen Parks
Sen Pierce
Sen Schneider
Sen Wiener

June 5 2011 – Read third time. Lost. (Yeas: 10, Nays: 11.)

Status of the Bill is here.
Text of the Bill is here.

More videos posted of presentations from PBI’s first annual conference, Public Banking In America Conference, April 27-28.

publicbankingtv • youtube.com • Sep 6, 2012

More videos posted of presentations from the Public Banking Institute‘s (PBI) first annual conference, Public Banking In America Conference, Philadelphia, April 27-28, here.

Below are videos of presentations by Thomas Greco, Rodney Shakespeare, and Ethan Allen.

 

 

“Once a nation parts with the control of its currency and credit, it matters not who makes that nation’s laws. Usury, once in control, will wreck any nation. Until the control of the issue of currency and credit is restored to government and recognized as its most conspicuous and sacred responsibility, all talk of the sovereignty of Parliament and of democracy is idle and futile.” -William Lyon Mackenzie King, 10th Prime Minister of Canada.

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