HB 3162 Bill, Authorizing the Creation of a State Bank, Introduced to the Washington State Legislature

On February 1, 2010, bill HB 3162, which authorizes the creation of a state bank, was introduced to the Washington State legislature.

Sponsors: Representatives Hasegawa, Hudgins, Chase, Simpson, Dickerson, Goodman

A public hearing has been scheduled next Tuesday, March 2, 2010, for HB 3162. There has been so much interest in this idea that Chair Kirby of the FI & I committee has scheduled a special work session on the bill.

Details for Public Hearing:
Financial Institutions & Insurance Committee – Tuesday, 03/02/10 8:00 am
House Hearing Room D
John L. O’Brien Building
Olympia, WA

Read about the bill here, the text of the original bill here, the “bill digest” here, and the “bill analysis” here.

Campaigning for State-Owned Banks

Campaigning for State-Owned Banks
The public bank concept is gaining ground on the state level, attracting proponents across the political spectrum.
by Ellen Brown
February 19, 2010

While bank bailouts fatten Wall Street, states continue to battle the credit crisis. In the search for innovative solutions, some political candidates are proposing that states generate their own credit by setting up their own banks.

Read the entire article here.

Take Action! Call for State Banks!

The following piece was drafted by John David as a suggestion for correspondence to state and local government officials. Feel free to cut, paste, and edit as desired! Take action and contact your government representatives NOW!

More suggestions for taking action are here.

Bail Out Main Street:  Create Public-Benefit Banks


It has become quite clear where the single-minded pursuit of profit for the few gets us… deep in the hole. The deregulation of finance kicked that door wide open. Many of our states and cities are on the edge of bankruptcy, and many more are not far behind. The supremacy of finance’s phantom economy at the expense of the real economy played a central role in the credit crisis ravaging Main Street. Wall Street bankers went wild and got bailed out for their gambling and recklessness by the taxpayers. That was supposed to get the bankers to lend again, but instead they have been buying out smaller banks, putting money away, and paying lavish bonuses to top executives. Failure pays apparently. And they’ve gone back to their gambling fully recharged. Another crash is sure to follow unless we change course. Continue reading

Massachusetts State Senate Looking at a State-Owned Bank

State Senate plan would cut agencies, boost economic development
By Jim O’Sullivan/State House News Service
State House News Service
Posted Feb 08, 2010 @ 09:45 AM

Senate leadership today will propose a drastic reduction in the number of agencies under the state’s far-reaching economic development bureaucracy, empowering the governor’s economic development chief with enhanced oversight of several quasi-public agencies and opening the door to a state-owned bank. Read more.

Beacon Hill bids to boost business
Leaders offer plan for creating jobs; Loans, tax credits sought for firms

By Andrea Estes and Michael Levenson
Globe Staff / February 8, 2010

Governor Deval Patrick and Senate President Therese Murray plan to propose this week several ways to improve the Bay State’s business climate, saying they need to be more aggressive in steering the region out of its economic malaise. …To make it easier for businesses to navigate the state bureaucracy, the Senate bill would create regional one-stop centers for business information. The plan will also require that incoming governors file an economic development plan, setting forth performance goals, and form a commission to study the possibility of creating a state-owned bank. Read more.

James Stivers, Republican Candidate Running for Idaho State Senate, Proposes a State Bank

James Stivers is running as a Republican candidate for the Idaho State Senate to represent the People of Legislative District 2 on a platform that includes a proposal for a state bank. James Stivers, currently a precinct committeeman and serves as the Secretary for the District Central Committee in the Republican Party, believes “in the wisdom of the Constitution, the inalienable rights of the People, and the unique heritage of our Republic.”

James Stivers proposes a state bank to provide additional assets to the state treasury and preserve Idaho’s local economies. Mr. Stivers states:

“An important part of sovereignty is the monetary authority. Currently, banks are allowed to multiply many times over the tax receipts deposited in their institutions. This special privilege is partly responsible for the ‘sucking sound’ in our local economies, as regional banks send their assets to central banks that are playing the derivatives markets of the world.”

“A state bank would restore this privilege to the people in a public trust and would give us the opportunity to back our deposits with the wealth from our public lands.”

Read more about James Stiver’s candidacy here and the issues here.

Ellen Brown’s Presentation, “How California can Create its own Credit: Own a Bank!”

“How California can Create its own Credit: Own a Bank!”
By Attorney Ellen Brown
August 26, 2009

Watch part 1 of the video here.
Watch part 2 of the video here.
Watch part 3 of the video here.
Watch part 4 of the video here.

Conan O’Brien on the mystery of ND’s $1.3 billion surplus

“…Maybe California could follow their lead and get us out of this mess.”

Watch the video clip here.

Candidate, Laura Wells, Running for Green Party of California Nomination for Governor, Proposes a State Bank of California

Laura Wells announced on January 11, 2010, her candidacy for the Green Party nomination for Governor of California. Ms. Wells, a former financial and business analyst, received 420,000 votes in 2002 in her run for State Controller, the most any state Green Party candidate has received in a partisan statewide race.

An expert in stocks, bond, pension funds and real estate, Wells, an Oakland resident, will outline a plan to “fix the way money works” in California, creating a fairer tax system to benefit the vast majority of taxpayers, and providing “great” schools, universal healthcare, job opportunities and a cleaner environment. Rather than drowning in debt and begging Wall Street for loans, Wells states that California can institute a State Bank that invests in California’s infrastructure, and future generations.

Read more here.

HJ62 Bill Introduced to VA General Assembly to Study Whether to Establish a State Bank

On January 11, 2010, Delegate Bob Marshall introduced to the Virginia General Assembly a bill, HJ62, to study whether to establish a state bank. Unfortunately, the bill was tabled in committee on January 28.

HJ62: Banks; joint subcommittee to study whether to establish those to be operated by State. Introduced By Del. Bob Marshall (R-Manassas)

Study; whether to establish a bank operated by the Commonwealth; report. Establishes a joint subcommittee to study whether to establish a bank operated by the Commonwealth. The study shall consider recommendations for legislation to establish a state owned, controlled, and operated bank.

Read about the bill here. Read the entire text here.