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.

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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.

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.

Another state gubernatorial candidate proposes a State Bank: Rich Whitney running for Illinois state governor as the Green Party candidate.

Rich Whitney, Illinois Green Party gubernatorial candidate, provided the Green Party response to the state of the state address given by Illinois governor Pat Quinn on January 13, 2010.

As many state governments are facing their worst fiscal crisis in decades, Illinois ranks 22 in terms of deficit spending, with a budget deficit of 11.3 percent of total spending (ref).

Green Party Candidate for Governor Rich Whitney states in his response to Governor Quinn’s State of the State Address:

“…That’s why I am the only candidate in this race who proposes to fund public improvements, and promote economic health, without any further tax increases, through the establishment of a state bank, a progressive idea that North Dakota adopted years ago, and that has helped keep that state debt-free even in these troubled economic times. Instead of going into more and more debt, to further enrich private banks, we should be using our tax revenue to further invest in our own State and its people, for the enrichment of our own economy.”

Read the entire statement here.

In a recent question and answer session, in response to what distinguishes himself from the other candidates, Whitney answered:

“I am the only candidate in this race who proposes to help eliminate our structural deficit and meet government obligations through the establishment of a state bank, a progressive idea that North Dakota adopted years ago, and that has helped keep that state debt-free even in these troubled economic times.”

And, in response to how he would solve Illinois’ budget deficit, Whitney responded:

“Create a State bank as a repository of all State tax revenues and pension contributions. While almost all states are struggling to balance their budgets like Illinois, one exception to the rule is North Dakota — the only state with its own bank. Instead of using State funds as a means to further enrich private banks, a State-owned bank could earn additional revenue for the State, while at the same time help spur economic development in Illinois, using the fractional reserve system to extend and expand credit where it is needed most, while borrowing from the Federal Reserve directly at the same 1 percent rate as commercial banks.”

Read the entire Q&A here.

Bradbury would create ‘Bank of Oregon’ if he were governor

By Harry Esteve, The Oregonian
January 20, 2010, 11:32AM

The state of Oregon should have its own bank so taxpayer dollars could help fund local businesses instead of boosting the profits of big multinational banks, says Bill Bradbury, Democratic candidate for governor and former secretary of state.

Bradbury announced his proposal today in Portland as part of his plan to find jobs for more Oregonians. The state bank, modeled on one in North Dakota, would form the cornerstone of his jobs proposal, he said.

“It’s time to make Oregon’s money work for Oregonians,” Bradbury said. Small businesses are hurting because banks are squeezing off credit necessary for growth.

Read the entire article here.