Green Party of New York State Platform
May 20, 2006
Democratic and Ecological Investment of Public Pension Funds Managed by a State Bank
Current capital markets and ownership structures are not adequately financing small and medium businesses, affordable low and moderate-income housing, and economic development in inner cities and rural communities. With over $100 billion in public pension funds and other state assets, New York State can play a decisive role in meeting these needs by making prudent investments to fill capital gaps in these under-financed areas of the economy. Management of these funds is far too important to be left to the discretion of a single person, the state Comptroller. The Greens call for the creation of a state bank, with the Comptroller as one of the elected board members, and with a competently staffed trust department to act as a fiduciary agent and manager of the public portfolio and other state cash assets, as well as to receive deposits of ordinary citizens. The state-owned Bank of North Dakota has done this since 1919, consistently making a profit for the state. It serves as a yardstick for measuring the effectiveness of public banks inserving the financial needs of the economy. Investment of the states’s public pensions and other state funds should be targeted to support:
- Revitalization of wealth-creating primary production in agriculture and manufacturing;
- Worker, consumer, and community owned enterprises that anchor capital and wealth in our communities and state under democratic control;
- Conversion to ecological technologies that promote sustainable economies.
Read the entire platform here.
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