Green Party of New York State Platform (2006) Advocates State-Owned Banks

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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One Response

  1. Hi Ellen,it`s very good to see common sense(Thomas Paine,1776) spreading. Public/State Banking time has come.Seeing Mr.Obama giving $20 Billion to community banks is a good sign.Hopefully the next move will be money for State Banks? It`s “Common Sense”,why pay Economic Kings to do something we can do ourselfs.We learn to vote,we can learn to invest. We can do no worst then the Banksters in running the economy in the “ground”.(at our expense) THANKS

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