As public banking initiatives around the country accelerate, New Jersey’s process is about to get a bit more “public”. NJ’s Work Environment Council is holding the first one of the year on Monday. As you’ll see below, you’re invited to take part. The date is Monday January 24th, the registration link is below. See you there! https://njwec.org/2021/03/a-public-bank-for-new-jersey/
A Public Bank has the power to change the way we think about our economy.
Public banks, where implemented, have provided low cost interest student loans, low-cost financing for public projects and clean energy projects, below market rate interest loans for small business owners and entrepreneurs, and affordable housing loans for historically disenfranchised communities.
WEC has invited Governor Murphy to hear from labor leaders, grassroots organizers and community leaders, small business owners, students, and environmentalists, on what we need from a public bank and why we need it!
MA Legislature Poised to Consider State Public Bank -- MA Black Economic Council Endorses It
MA Public Banking reports a vigorous campaign, both with state legislators and with supporting organizations across the state, to build strong support for the legislation to create a state public bank. Racial justice in financing is a key element in the campaign with the Black Economic Council of MA and the Boston Ujima Project as close partners. Harvard Law School has provided essential expertise and CDFIs are important supporters. The next few weeks are key as February 2 is the deadline for legislative committees to take action on bills before their committee. The bills to create the state public bank, S665 and H1223, are identical in the House and Senate and are before the Joint Committee on Financial Services. A wide variety of witnesses testified in favor of the public bank at the committee hearing in October followed by very detailed expert written testimony submitted the end of November. To see the bills, read the testimony, and learn more about the campaign, go to https://masspublicbanking.org/ The home page has a link to the bills and to the testimony.
New Mexico’s Public Banking Act Getting Closer
Representative Patricia Roybal Caballero (D Albuquerque) tossed House Bill 75, the Public Banking Act, into the hopper on Friday, January 14, for consideration by the legislature in its 2022 session.
HB 75 would create the Public Bank of New Mexico, establish its 11 member board of directors, and define the bank’s basic management structure and procedures.
Unlike earlier versions of the initiative, HB 75 calls for the funding of the bank with an initial $50 million capitalization to be drawn from the State’s General Fund. A single investment in the Bank from the General Fund assures that its assets will remain independent from the State Permanent Fund. AFLEP Executive Director, Angela Merkert, said that this change from earlier proposals, “assures the long term strength of The Public Bank of New Mexico as an investment in community prosperity.”
The next hurdle for bill sponsors will be to push for the legislation to be assigned to appropriate committees for hearings this session.
AFLEP leadership will focus on assuring that the Chair of the Senate Finance Committee, Senator George Muñoz (D Gallup) and Representative Patty Lundstrom (D Gallup), Chair of the House Appropriations and Finance Committee include the $50 million capitalization for the bank in this session’s appropriations.
Learn Everything You Want to Know About
Public Banking
The nation’s most comprehensive gathering of information about public banking can be found at the Public Banking Institute’s website resources page “Public Banks 101”. Articles, studies, books, videos, podcasts, maps and more. And don’t forget to Sign the Declaration of your support for public banks while you’re there!
Have you added your signature yet?
The Public Banking Institute has launched a Friends of Public Banking initiative to encourage individuals and organizations to declare their support for the creation of public banks. The easy-to-remember URL simplifies asking your own friends and groups to support the movement.
As signatures build, the initiative will demonstrate to lawmakers and potential allies the broad-based interest that is materializing in operating banking as a public utility.
This short animated video by the Public Banking Institute has helped thousands of people understand the basic concepts of public banking. Please help us make public banking common knowledge by sharing it with your friends and groups. Thank you for all your help!
Banking on New Jersey
Directors Joan Bartl & Walt McRee
