The Growing Movement for Publicly Owned Banks

The Growing Movement for Publicly Owned Banks
by Ellen Brown
Mar 17, 2010

We the people have given away our sovereign money-creating power to private, for-profit lending institutions, which have used it to siphon wealth from the productive economy. Some states are moving to take that power back.

Read the article here.

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State Senators, a Gubernatorial Candidate, and a State Senator Candidate All Propose a State Bank for Michigan!

Senate Democrats Propose Developing a Bank to Create Jobs, Grow Small Business and Protect Michigan Consumers
Michigan State Democrats
Press Release
2010-03-9

LANSING – Michigan Senate Democrats unveiled an innovative proposal today that would create the Michigan Development Bank. The proposed bank will keep residents’ money in Michigan and put it to work to stimulate the economy and create jobs through increased business lending and protect consumers with reasonable interest rates on loans. Read more.

Democratic gubernatorial candidate Bernero wants to open state bank
Kathy Barks Hoffman / Associated Press
March 09. 2010

Lansing — Lansing Mayor Virg Bernero today proposed having Michigan follow the lead of North Dakota and open a state-owned bank that could make low-interest loans to businesses and college students. The Democratic gubernatorial candidate said the state bank also could ease the foreclosure crisis by buying down mortgage portfolios held by smaller banks in Michigan and partner with other private banks on economic development projects. Read more.

VIDEO: State senate candidate proposes state central bank
By CHARLES CRUMM
Of The Oakland Press
March 3, 2010

One Republican candidate for the state Senate wants to solve Michigan’s economic problems by setting up a central state bank to smooth out the economic ups and downs. Gene Taliercio, one of six Republicans and two Democrats seeking the 12th District state Senate seat, wants to establish the “Bank of Michigan.” Read more.

Bill HB5476 Introduced to the Illinois General Assembly to Create a State Bank

On February 4, 2010, bill HB5476, which authorizes the creation of a state bank, the Community Bank of Illinois, was introduced to the Illinois General Assembly.

House Sponsors: Rep. Mary E. Flowers
Short Description: COMMUNITY BANK OF IL ACT

Creates the Community Bank of Illinois Act. Provides that the Department of Financial and Professional Regulation shall operate the Community Bank of Illinois.

Read more here and the text of the bill here.

Another Candidate, Gaelen Brown for Vermont State Senate, Raises the Issue of a State Bank

Another candidate, Gaelen Brown for Vermont State Senate, raises the issue of a State Bank. Running as an Independent, Brown wants to “explore creating a State-owned bank that would work with private VT-based banks, to insulate VT from credit issues and increase investment capital for VT businesses, modeled after the very successful State-owned Bank of North Dakota.”

Read more here.