Vermonters for a New Economy, Final State Bank Study

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.

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Brominski exploring creation of county-owned bank in Luzerne County, Pennsylvania

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.

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Study: Vermont Should Allow VEDA to Be State Bank

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.

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Public Bank Town Meeting Campaign Underway

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.

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From austerity to abundance: Why Ellen Brown is running for California treasurer

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.

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