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Public Banking - "Banking in the Public Interest"

By Greg Wendt An excellent article was just written called "Reviving Main Street - A Call for Public Banks" highlighting the opportunity states across America have to restore a healthy economy - simply by creating a state bank. Surprisingly, North Dakota is the only state in the union which has created its own bank. The article highlights work of thought leader Ellen Brown , and the Public Banking Institute which educates policymakers about the opportunities from the straightforward process of forming a state owned bank. Her site shares that:
Public Banks are...
  • 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
...and are not
  • 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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SLDI - Sustainable Land Development Initiative is a stakeholder social media association now positioned to help transform the industry that creates the very infrastructure of our civilization. SLDI is dedicated to delivering sustainable land development technology and knowledge resources to promote and enable fully integrated sustainable land development worldwide.

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