Public Banks are...
...and are not
- Viable solutions to the present economic crises in US states.
- Potentially available to any-sized government or community able to meet the requirements for setting up a bank.
- Owned by the people of a state or community.
- Economically sustainable, because they operate transparently according to applicable banking regulations
- Able to offset pressures for tax increases with returned credit income to the community.
- Ready sources of affordable credit for local governments, eliminating the need for large “rainy day” funds.
- Required to promote the public interest, as defined in their charters.
- Constitutional, as ruled by the U.S. Supreme Court
- Operated by politicians; rather, they are run by professional bankers.
- Boondoggles for bank executives; rather, their employees are salaried public servants (paid by the state, with a transparent pay structure) who would likely not earn bonuses, commissions or fees for generating loans.
- Speculative ventures that maximize profits in the short term, without regard to the long-term interests of the public.
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