Jordan Schrader • theolympian.com • January 16, 2012
‘EMPOWERMENT’: Backers say move would cut ties with big banks; skeptics ask where money would come from
State government stores money at Bank of America, buys goods with U.S. Bank cards, and distributes welfare aid through JP Morgan Chase ATMs.
Supporters of cutting such ties to big banks say the first step is creating the state’s own bank.
The idea of a state bank – a favorite of the Occupy movement that sees it as an alternative to Wall Street – has strong support among the Democrats who control the state House. Speaker Frank Chopp called it a top priority last week in a speech opening this year’s session of the Legislature.
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