The news of so many emerging public bank developments across the country merely brushes the surface of a deeper realization, one with resonance in New Jersey. While our neighbors in New York, Massachusetts, Pennsylvania and Maryland are opening state and municipal legislative initiatives for new public banks, Governor Murphy’s NJ Public Bank Implementation Board is faithfully refining its focus on public bank options that can make a difference for our State economy.
For example, in 2019 New Jersey paid $1 BILLION in interest to finance its projects, money that left our State economy for good. The Action Center on Race and the Economy (ACRE) last Fall reported that nationwide, states and municipalities spent $160 BILLION annually in interest for the money they borrowed to operate. A NJ State Bank will offer a systemic shift away from dependence on Wall Street’s private capital markets and offer a breakthrough for government leaders who realize that this level of debt service is unsustainable and unhealthy for our economy.
Stay tuned. It’s Happening.
From Our Colleagues at the Public Banking Institute:
BREAKING: Massachusetts introduces public bank bill; New Mexico's new bill passes first committee; Hawaii, Philadelphia, and San Francisco all enter new legislation
The 2021 wave of new public banking legislation adds three more states and two major cities to its momentum.
Massachusetts' two bills, SD 1712 and HD 3247, were introduced yesterday, Feb. 18, by Sen. James B. Eldridge, and Reps. Mike Connolly and Nika Elugardo after a great deal of focused work by advocates at Massachusetts Public Banking. Read the fact sheet about the bills and join the mobilization effort in that state.
New Mexico's new Public Banking Act, HB 236, passed the House Commerce and Economic Development Committee (HCEDC) yesterday, Feb 18, and heads next to the House Judiciary Committee. The twin NM bills, SB 313 and HB 236, were introduced Feb 1 & 2 respectively by Sen. Jeff Steinborn and Reps. Patricia Roybal Caballero and Elizabeth Thomson. Listen to radio station KSFR interview folks from the powerhouse advocacy team at Alliance for Local Prosperity. AFLEP reports:
With almost 80 people in attendance, the Committee heard favorable public comment from people of diverse ages and backgrounds from all over New Mexico. Expert witnesses Angela Merkert, Executive Director of AFLEP, and Dan Mayfield of Leverage Point, Inc. fielded lots of good, challenging questions from legislators for more than 3 hours!
Hawaii has two new bills. The first, HB 240 HD1, introduced Jan 22 by Rep. Dale Kobayashi -- a former investment banker -- and eight co-sponsors, passed the House Committee on Economic Development with amendments on Feb 8 and now heads to the Consumer Protection & Commerce Committee. This bill would establish a working group to propose legislation with a report due by Jan 1, 2022. The second, HB 1103, introduced Jan 27 by Rep. Amy Perruso and many of the same representatives, establishes an implementation board to study the feasibility of a state-owned bank.
Philadelphia City Councilmember Derek Green -- another former banker -- along with 11 other Councilmembers, introduced Bill 210005 at Council's first meeting of the year, Jan. 28. The ordinance would create a city-owned economic development financing authority to operate a public bank. The effort has received a good amount of positive press, such as this report from The Philadelphia Inquirer. Advocates at the Philadelphia Public Banking Coalition have been hard at work furthering this effort.
San Francisco'sOrdinance 210078, sponsored by Supervisor Dean Preston and 5 other Supers, creates a working group to write a public bank business plan. Introduced Jan 26, it was referred to four departments on Feb. 3.
Watch (and share) REPLAYS of PBI LIVE previous episodes
PBI LIVE Ep1: Postal Banks to the Rescue!YouTube, Facebook, TwitterWith PBI Chair Ellen Brown and Mehrsa Baradaran, UC Irvine Law Professor, postal banking expert, and PBI Advisory Board member. Carlos Marroquin, PBI Board Member and Chief Shop Steward of the National Association of Letter Carriers, introduced the conversation.
PBI LIVE Ep2: Public Banks vs. Redlining.YouTube, Facebook, TwitterWith engineer and entrepreneur Brian Rice and Dr. Amara Enyia, founder of the Institute for Cooperative Economics and Economic Innovation and PBI Advisory Board Member.
PBI LIVE Ep3: The Fed vs. the States.YouTube, Facebook, TwitterWith Prof. Robert Hockett, Michael Brennan, and Ellen Brown.
PBI LIVE Ep4: After the Fires: Recovery & Public Banks. YouTube, Facebook, Twitter. WithEllen Brown and Santa Cruz advocate Rafa Sonnenfeld.
PBI LIVE Ep5: Public Banks vs. the Racial Wealth Gap. YouTube, Facebook. WithDr. Stacey Sutton and Dr. Amara Enyia.
PBI LIVE Ep6: When Pandemics Changed History. YouTube, Facebook. WithProf. Richard Wolff and Ellen Brown.
PBI video: Public Banking Made Easy
Our short animated video 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!
It’s Our Money with Ellen Brown
What History Did To Economics
History happens. Economics is a fabrication. The intersection between them is the space in which public policy and prospects emerge. Our guest, author and historical scholar Matthew Ehret, has studied the deep historical dynamics that underpinned development of some of the primary economic views of our day such as Hayek’s Austrian austerity and Keynes’ systemic generosity. Ehret says that adherence to one over the other misses the benefit of each and ignores their historical context. Ellen’s conversation with Matt Ehret takes you on an economic history tour of the past 200 years.
Banking on New Jersey
Directors Joan Bartl & Walt McRee