Public Bank

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</div><div><a href="https://www.alternet.org/2021/10/dejoy/">https://www.alternet.org/2021/10/dejoy/</a></div><div>
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</div><div>"It's long past time to open doors for people who have been systematically shut out and provide a better option for those grappling with the costs of simply trying to participate in an economy they have every right to—but has been rigged against them."</div><div>
</div><div>That's according to Rep. Rashida Tlaib (D-Mich.), who along with Rep. Alexandria Ocasio-Cortez (D-N.Y.) and a handful of other progressives in Congress introduced legislation on Friday they say "would provide a much-needed financial lifeline to states and municipalities, as well as unbanked and underbanked residents, that have been left in dire straits by the Covid-19 pandemic."</div><div>
</div><div>Specifically, as a joint statement from the congresswomen explains, the Public Banking Act (pdf) would enable "the creation of state and locally administered public banks by establishing the Public Bank Grant program administered by the secretary of the Treasury and the Federal Reserve Board which would provide grants for the formation, chartering, and capitalization of public banks."</div><div>
</div><div>"We spent $30 trillion in the global crisis from 2007-2009 propping up financial institutions that held the country hostage for their reckless behavior. Only $8 trillion dollars has been committed thus far in the Covid-19 pandemic," Tlaib noted. "These banks have been, are, and will continue to depend on the public dollar. It is time for this relationship to be reciprocated and have the banks work for the people and not solely privatized profits wreaking havoc on communities of color."</div><div>
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</div><div>In addition to allowing the Treasury secretary and the Fed's board to give grants to public banks for "bank formation, capitalization, developing financial market infrastructure, supporter operations, covering unexpected losses, and more without the requirement to provide matching funds," the bill:</div><div>
</div><div>Allows the Federal Reserve to charter and grant membership to public banks, and in conjunction with the appropriate federal agencies, establish a separate regulatory scheme with respect to these.</div><div>
</div><div>Establishes public banking incubator program to provide technical assistance to public member banks to develop technologies, practices, and data that promote public welfare.</div><div>
</div><div>Establishes new liquidity and credit facilities at the Federal Reserve to provide direct federal support to state and local public banks and their communities;</div><div>Prohibits investment in fossil fuel projects.</div><div>
</div><div>Tlaib and Ocasio-Cortez argue that public banks not only would benefit city and state governments and aspiring entrepreneurs due to lower interest rates and fees, but also could result in broader community benefits by, for example, funding public infrastructure projects. Ocasio-Cortez called their legislation "monumental."</div><div>
</div><div>"Public banks are uniquely able to address the economic inequality and structural racism exacerbated by the banking industry's discriminatory policies and predatory practices," she said. "The creation of public banks will also facilitate the use of public resources to construct a myriad of public goods including affordable housing and local renewable energy projects. Public banks empower states and municipalities to establish new channels of public investment to help solve systemic crises."</div><div>
</div><div>mark r: Yes! Get the money grabbers out of your pockets! Banking for the People. We should call these women, “#ThePeoplesSquad” because every single thing they do is on behalf of us. Not big corporations. Thank you @AOC and @RashidaTlaib.</div><div>
</div><div>The other half of the Squad—Congresswomen Ayanna Pressley (D-Mass.) and Ilhan Omar (D-Minn.)—and Reps. Jesús G. "Chuy" García (D-Ill.), Pramila Jayapal (D-Wash.), Al Green (D-Texas), Bennie G. Thompson (D-Miss.), Earl Blumenauer (D-Ore.), Barbara Lee (D-Calif.), and Jan Schakowsky (D-Ill.) are backing the bill, as are 29 outside groups.</div><div>
</div><div>Organizations supporting the measure include the California Public Banking Alliance (CBPA), Take on Wall Street, Americans for Financial Reform, Beneficial State Foundation, Communications Workers of America, Friends of the Earth, Food & Water Action, Americans for Financial Reform, California Reinvestment Coalition, Center for Popular Democracy, Community Change, Farm Aid, Institute for Policy Studies, Jobs With Justice, NJ Citizen Action, Oil Change International, Oil Change International, People's Action, Strong Economy for All, UNITE HERE, Working Families Party, Democracy Collaborative, ACRE, and Public Citizen.</div><div>
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</div><div>Climate Justice Alliance policy coordinator Anthony Rogers-Wright expressed excitement that "our values regarding the need for a rapid Fossil Fuel phaseout" are represented in the bill, highlighting evidence that economically, "Big Oil is in big trouble and the people don't want the money they keep in their banks utilized to bailout or finance an industry that's killing people and planet."</div><div>
</div><div>Take on Wall Street campaign director Porter McConnell explained that her group supports the Public Banking Act "because public banks can create jobs and boost the local economy, save cities and states money, and lend counter-cyclically to blunt the impact of Wall Street booms and busts."</div><div>
</div><div>"As we learned recently from the Paycheck Protection Program, when you pay big Wall Street banks to provide public goods, they inevitably reward themselves and their friends at the expense of white, Black, and brown working families," McConnell said, referencing the business loan program established in March by Congress' last Covid-19 relief measure. "We deserve a financial system for working families, not the big banks."</div><div>
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</div><div>RELATED ARTICLES AROUND THE WEB</div><div>Alexandria Ocasio-Cortez questions big bank CEOs in ... ›</div><div>AOC and Rashida Tlaib's Public Banking Act, explained - Vox ›</div><div>AOC Questions Big Bank CEOs - YouTube ›</div></div><div>=</div></div><div><div>=</div><div><a href="https://theconversation.com/covid-19-exposes-why-the-postal-service-needs-to-get-back-into-the-banking-business-140895">
</a></div><div><a href="https://theconversation.com/covid-19-exposes-why-the-postal-service-needs-to-get-back-into-the-banking-business-140895">https://theconversation.com/covid-19-exposes-why-the-postal-service-needs-to-get-back-into-the-banking-business-140895</a></div><div>=</div></div><div></div><div><header style="margin: 0px 0px 0px 165px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; position: relative;"><div class="article--header" style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><h2 style="margin: 0px 0px 12px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-rendering: optimizelegibility; float: none; line-height: 1em;"><a href="https://theconversation.com/growing-up-in-a-banking-desert-can-hurt-your-credit-for-the-rest-of-your-life-130938" style="text-decoration-line: none; outline: none;">Growing up in a banking desert can hurt your credit for the rest of your life</a></h2><p class="byline" style="margin: 0px 0px 5px; padding: 2px 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; line-height: 1.2; clear: both;"><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><a href="https://theconversation.com/profiles/tony-cookson-953871" style="text-decoration-line: none; outline: none;">Tony Cookson</a>, <span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">University of Colorado Boulder</div></header><div class="content" data-raw="" style="margin: 0px 0px 0px 165px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="margin: 0px; padding: 0px; border: 0px; outline: 0px; vertical-align: baseline; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Banking deserts make it harder for children and young adults to become financially literate, which leads to worse credit and a lifetime of disadvantage.</div></div><div></div><div>Public Banking Signed into Law   Human Agenda has been a consistent supporter of the Public Banking Action Team of the South Bay Progressive Alliance (SBPA) moderated by Jake Tonkel (candidate for City Councilperson in Willow Glen).  This group as well as the entire California Public Banking Alliance scored a huge victory when Governor Newsom recently signed AB 857 into law. 
 
In the coming seven years as many as 10 experimental public banks may be established.  Please contact the Santa Clara County Board of Supervisors to make sure we have a local public bank, which will save local taxpayers hundreds of millions of dollars that will not go to Wall Street banks but rather can be used locally to help the homeless through a community land trust, create a democratically run eco-friendly transportation hub, fund the creation of worker-owned cooperatives, etc.</div><div></div><div><div class="mag-post-box hentry" style="box-sizing: border-box; outline: none; margin: 0px 0px 15px; padding: 0px 0px 15px; width: 374.545px; overflow: hidden; display: table; border-bottom: 1px solid rgb(236, 236, 236); background-color: rgb(255, 255, 255);"><div class="magcat-detail" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px;"><h3 class="magcat-titlte entry-title" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; letter-spacing: 1px;"><a href="https://www.alternet.org/2019/10/why-postal-banking-is-a-surprisingly-good-idea-that-could-help-unite-the-country/" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: all 0.3s ease 0s; cursor: pointer; display: block; letter-spacing: 0px; line-height: 1.4;">Why postal banking is a surprisingly good idea that could help unite the country</a></h3><div class="grid-post-box-meta mag-meta" style="box-sizing: border-box; outline: none; margin: 7px 0px 0px; padding: 0px; text-align: right;"><a href="https://www.alternet.org/author/martin-longman/" title="Posts by Martin Longman" class="author url fn" rel="author" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer;">Martin Longman</a> / <a href="https://www.alternet.org/author/washington-monthly/" title="Posts by Washington Monthly" class="author url fn" rel="author" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer;">Washington Monthly</a></div></div></div><div class="mag-post-box hentry" style="box-sizing: border-box; outline: none; margin: 0px 0px 15px; padding: 0px 0px 15px; width: 374.545px; overflow: hidden; display: table; border-bottom: 1px solid rgb(236, 236, 236); background-color: rgb(255, 255, 255);"><div class="magcat-thumb" style="box-sizing: border-box; outline: none; margin: 0px 20px 0px 0px; padding: 0px; float: left; position: relative; transition: opacity 0.3s ease 0s;"><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden" /></div></div></div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden"></a></div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">10/19 whoohoo, but mostly for gov't agency</a></div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">wolff likes</a></div><div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden"></a></div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">"panic in the boardrooms" of europe (developing critieria for green invest? de-valuing FF portfolio;</a></div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">
</a></div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">EU 14% inflection pt b/c of 20% mandate, synergy, cost fell, china came in ... now feed-in tariffs no longer even needed [old shrink vs new grow;] electricity replaced gaslight when only 3%</a></div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">
</a></div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">vol mandate; fed green bank but must have 50% target (pension will invest in grn banks/bonds]; ike hwy to finish 2nd ind revo (coupled w/ war atomic evac route] // grren grid.</a></div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">
</a></div><div><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">$41 trillion in worker pension,(biggest pool of $)  need scale places to put in</a><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">green energy (wind) now cheaper than nat'l gas, thus massive stranded assets</a><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">local power grid resilient b/c it's local, not dependent on larger system.</a><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">3rd industrial revo non-hier; must be glob-LOCAL; feed-in tariffs let local ppl go to bank and get loan b/c knew could repay</a><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">merkel how do future when plugged into coal and nuke?</a><div style="background-color: rgb(255, 255, 255);"><a class="penci-image-holder penci-lazy small-fix-size" href="https://www.alternet.org/2019/10/how-big-oil-exploited-a-loophole-in-the-law-to-bilk-the-united-states-out-of-billions/" title="How Big Oil exploited a loophole in the law to bilk the United States out of billions" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer; position: relative; width: 120px; background: url(" https="https" www.alternet.org="www.alternet.org" wp-content="wp-content" uploads="uploads" shutterstock_374037136-585x390.jpg="shutterstock_374037136-585x390.jpg" center="center" cover="cover" no-repeat="no-repeat" rgb="rgb" display="display" inline-block="inline-block" vertical-align="vertical-align" top="top" overflow="overflow" hidden="hidden">china big green grid investment 12 wks after mtg w/ </a><a rel="nofollow" class="external text" href="https://en.wikipedia.org/wiki/Jeremy_Rifkin" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" height="%2213%22" width="%2213%22" version="%221.1%22" cg="Cg" transform="%22translate%28-36.467808%2C-258.39005%29%22%3E" cpath="Cpath" d="%22m40.55%2C263.9c0-0.6213%2C0.6213-0.6213%2C0.6213-0.6213%2C1.864%2C0.6213%2C3.107%2C1.864%2C3.728%2C3.728%2C0%2C0%2C0%2C0.6213-0.6213%2C0.6213-1.243-1.864-1.864-2.485-3.728-3.728z%22/%3E" c="C" g="g" e="E" rgb="rgb" padding-right="padding-right" px="px" font-size="font-size" style="text-decoration-line: none; font-weight: bold; outline: none;" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:cc="%22http://creativecommons.org/ns%23%22" xmlns:data="data" xmlns:dc="%22http://purl.org/dc/elements/1.1/%22%3E" xmlns:rdf="%22http://www.w3.org/1999/02/22-rdf-syntax-ns%23%22">Jeremy Rifkin</a> wrote <a rel="nofollow" class="external text" href="https://www.amazon.com/Green-New-Deal-Civilization-Collapse/dp/1250253209" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" height="%2213%22" width="%2213%22" version="%221.1%22" cg="Cg" transform="%22translate%28-36.467808%2C-258.39005%29%22%3E" cpath="Cpath" d="%22m40.55%2C263.9c0-0.6213%2C0.6213-0.6213%2C0.6213-0.6213%2C1.864%2C0.6213%2C3.107%2C1.864%2C3.728%2C3.728%2C0%2C0%2C0%2C0.6213-0.6213%2C0.6213-1.243-1.864-1.864-2.485-3.728-3.728z%22/%3E" c="C" g="g" e="E" rgb="rgb" padding-right="padding-right" px="px" font-size="font-size" style="text-decoration-line: none; font-weight: bold; outline: none;" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:cc="%22http://creativecommons.org/ns%23%22" xmlns:data="data" xmlns:dc="%22http://purl.org/dc/elements/1.1/%22%3E" xmlns:rdf="%22http://www.w3.org/1999/02/22-rdf-syntax-ns%23%22">The Green New Deal: Why the Fossil Fuel Civilization Will Collapse by 2028, and the Bold Economic Plan to Save Life on Earth </a><a rel="nofollow" class="external text" href="https://kpfa.org/episode/letters-and-politics-september-17-2019/" data:image="data:image" svg="svg" xml="xml" csvg="Csvg" height="%2213%22" width="%2213%22" version="%221.1%22" cg="Cg" transform="%22translate%28-36.467808%2C-258.39005%29%22%3E" cpath="Cpath" d="%22m40.55%2C263.9c0-0.6213%2C0.6213-0.6213%2C0.6213-0.6213%2C1.864%2C0.6213%2C3.107%2C1.864%2C3.728%2C3.728%2C0%2C0%2C0%2C0.6213-0.6213%2C0.6213-1.243-1.864-1.864-2.485-3.728-3.728z%22/%3E" c="C" g="g" e="E" rgb="rgb" padding-right="padding-right" px="px" font-size="font-size" style="text-decoration-line: none; font-weight: bold; outline: none;" xmlns="%22http://www.w3.org/2000/svg%22" xmlns:cc="%22http://creativecommons.org/ns%23%22" xmlns:data="data" xmlns:dc="%22http://purl.org/dc/elements/1.1/%22%3E" xmlns:rdf="%22http://www.w3.org/1999/02/22-rdf-syntax-ns%23%22">audio interview 9/19</a>.</div><div style="background-color: rgb(255, 255, 255);">rifkin</div><div style="background-color: rgb(255, 255, 255);">
</div></div>vw commmit 80b$ to ev, last gas 2026, 2028 22 mil ev, 1/4 of total (but note germany now 40% solar N WIND, target 100% 2040?</div><div></div><div><div style="background-color: rgb(255, 255, 255);"><a href="https://www.alternet.org/2019/06/how-post-offices-can-beat-payday-lenders/" style="text-decoration-line: none; font-weight: bold; outline: none;">https://www.alternet.org/2019/06/how-post-offices-can-beat-payday-lenders/</a></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">The fight to curb payday loans has reached one of America’s oldest institutions: the Postal Service. Democratic representatives Bill Pascrell of New Jersey and Ayanna Pressley of Massachusetts recently introduced an amendment to the Financial Services and General Government Appropriations Act authorizing post offices to provide small loans, savings accounts, and other financial services. The amendment sets aside $1 million to cover any overhead. It passed the House of Representatives on June 25.</div><div class="p1_10" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px;">Pascrell is a longtime supporter of the Postal Service. In an April 2019 article for this magazine, he <a title="argued" href="https://washingtonmonthly.com/magazine/april-may-june-2019/congress-is-sabotaging-your-post-office/" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box; margin: 0px; padding: 0px; transition: color 0.3s ease 0s; cursor: pointer;">argued</a> that the USPS is an essential institution that has been bogged down by privatization efforts. Rather than take away money from the agency, Pascrell said that Congress should expand its functions. Post offices, he noted, could bring loan and ATM access to unbanked Americans, many of whom rely on payday lenders that charge exorbitant interest rates. problem ... ;in the United States. In 2017, 6.5 percent of U.S. households were “unbanked” (no bank access), and 18.7 percent were “underbanked” (reliant on financial institutions that were not banks). Almost half of the country could not <a title="pull" href="https://web.archive.org/web/20160324101213/http:/www.brookings.edu/_{/media/Projects/BPEA/Spring%202011/2011a_bpea_lusardi.pdf}" target="blank" rel="external nofollow noopener" style="text-decoration-line: none; font-weight: bold; outline: none; box-sizing: border-box; margin: 0px; padding: 0px; transition: color 0.3s ease 0s; cursor: pointer;">pull</a> together $2,000 within thirty days in the event of an emergency (or at least they would struggle greatly to). Many of these people would have to take out payday loans to deal with such a shock.</div></div><div>=aha:
PO is a buffer; public insitution/asset built up over time; became a partner of amazon (presumably not long term? drones?]long a target (WPA art] of RW; scam to over-fund pension; a bit of financialization would allow it to move money/electrons as well as atoms, complementary.matthew effect, dark money lobby corruption  and financialization funnels money to the top; thus low and Middle class ppl go into debt; everything is more expensive relatively if you're poor /working class (eg no bank acct means cash check at walmart they take a cut or payday loan that takes a big one);  worse are predatory capitalist who prey/extract (pay phones on street but esp in prison). sol: post office as public bank7/23/19see Liz warren on how debt (personal and banksters) creates systemic risk and instability.related to inequality</div><div></div><div>ellen brown coming up on ralph 619</div><div>
</div><div><div class="r" style="margin: 0px; line-height: 1.54; background-color: rgb(255, 255, 255);"><a href="https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917" ping="/url?sa=t&source=web&rct=j&url=https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917&ved=2ahUKEwjipcbX5oLjAhVXZc0KHTCjBqUQFjAAegQIABAB" style="cursor: pointer; text-decoration-line: none;" /><h3 class="LC20lb" style="font-weight: normal; margin: 0px; padding: 0px; display: inline-block; line-height: 1.33;"><a href="https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917" ping="/url?sa=t&source=web&rct=j&url=https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917&ved=2ahUKEwjipcbX5oLjAhVXZc0KHTCjBqUQFjAAegQIABAB" style="cursor: pointer; text-decoration-line: none;"></a><a href="https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917" ping="/url?sa=t&source=web&rct=j&url=https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917&ved=2ahUKEwjipcbX5oLjAhVXZc0KHTCjBqUQFjAAegQIABAB" style="cursor: pointer; text-decoration-line: none;" /><a href="https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917" ping="/url?sa=t&source=web&rct=j&url=https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917&ved=2ahUKEwjipcbX5oLjAhVXZc0KHTCjBqUQFjAAegQIABAB" style="cursor: pointer; text-decoration-line: none;">Banking on the People: Democratizing Money in the Digital Age: Ellen ...</a></h3>
<div class="TbwUpd" style="display: inline-block; line-height: 1.54; padding-bottom: 1px; padding-top: 1px;"><cite class="iUh30" style="font-style: normal; padding-top: 1px; line-height: 1.43;">https://www.amazon.com/Banking-People-Democratizing-Money.../dp/0998471917</cite></div><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="GHDvEf ab_button" href="https://www.google.com/search?ei=WR0RXZVRj4-0BtyKhNAP&q=ellen+brown+banking+on+the+people+book&oq=ellen+brown+banking+on+the+people+book&gs_l=psy-ab.3...71004.78833..79759...0.0..0.346.2793.0j12j2j1......0....1..gws-wiz.......0i22i30.a48G_nXno68#" id="am-b0" aria-label="Result Options" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="2ahUKEwjipcbX5oLjAhVXZc0KHTCjBqUQ7B0wAHoECAAQAg" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; 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z-index: 3; transition: opacity 0.218s ease 0s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:flUr6okGbSMJ:https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917+&cd=1&hl=en&ct=clnk&gl=us" ping="/url?sa=t&source=web&rct=j&url=https://webcache.googleusercontent.com/search%3Fq%3Dcache:flUr6okGbSMJ:https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917%2B%26cd%3D1%26hl%3Den%26ct%3Dclnk%26gl%3Dus&ved=2ahUKEwjipcbX5oLjAhVXZc0KHTCjBqUQIDAAegQIABAE" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><div class="s" style="max-width: 48em; line-height: 1.54; 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cursor: pointer; display: block; padding: 7px 18px; outline: 0px;"></a><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:flUr6okGbSMJ:https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917+&cd=1&hl=en&ct=clnk&gl=us" ping="/url?sa=t&source=web&rct=j&url=https://webcache.googleusercontent.com/search%3Fq%3Dcache:flUr6okGbSMJ:https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917%2B%26cd%3D1%26hl%3Den%26ct%3Dclnk%26gl%3Dus&ved=2ahUKEwjipcbX5oLjAhVXZc0KHTCjBqUQIDAAegQIABAE" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;">Banking on the People: Democratizing Money in the Digital Age [Ellen Brown] on ... This book takes the reader step by step through the sausage factory of ... Ellen Brown's earlier books Web of Debt and The Public Bank Solution were real ...</a></div></div><div><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:flUr6okGbSMJ:https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917+&cd=1&hl=en&ct=clnk&gl=us" ping="/url?sa=t&source=web&rct=j&url=https://webcache.googleusercontent.com/search%3Fq%3Dcache:flUr6okGbSMJ:https://www.amazon.com/Banking-People-Democratizing-Money-Digital/dp/0998471917%2B%26cd%3D1%26hl%3Den%26ct%3Dclnk%26gl%3Dus&ved=2ahUKEwjipcbX5oLjAhVXZc0KHTCjBqUQIDAAegQIABAE" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;">
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cursor: pointer; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><div class="s" style="max-width: 48em; line-height: 1.54;"><a class="fl" href="https://www.google.com/search?q=related:www.publicbankinginstitute.org/our_story+ellen+brown+banking+on+the+public&tbo=1&sa=X&ved=2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQHzAAegQIABAF" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;"></a><a class="fl" href="https://www.google.com/search?q=related:www.publicbankinginstitute.org/our_story+ellen+brown+banking+on+the+public&tbo=1&sa=X&ved=2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQHzAAegQIABAF" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;">Ellen Brown, an attorney and author of Web of Debt, began researching alternatives in the banking/financial sector that might empower regional governments, ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="CAgQAA" data-ved="2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQFSgAMAF6BAgIEAA"><div class="rc" style="position: relative;"><div class="r" style="margin: 0px; line-height: 1.54;"><a class="fl" href="https://www.google.com/search?q=related:www.publicbankinginstitute.org/our_story+ellen+brown+banking+on+the+public&tbo=1&sa=X&ved=2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQHzAAegQIABAF" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;"></a><a href="https://ellenbrown.com/books/the-public-bank-solution/" ping="/url?sa=t&source=web&rct=j&url=https://ellenbrown.com/books/the-public-bank-solution/&ved=2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQFjABegQICBAB" style="cursor: pointer; text-decoration-line: none;" /><h3 class="LC20lb" style="font-weight: normal; margin: 0px; padding: 0px; display: inline-block; line-height: 1.33;"><a href="https://ellenbrown.com/books/the-public-bank-solution/" ping="/url?sa=t&source=web&rct=j&url=https://ellenbrown.com/books/the-public-bank-solution/&ved=2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQFjABegQICBAB" style="cursor: pointer; 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cursor: pointer; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><div class="s" style="max-width: 48em; line-height: 1.54;"><a class="fl" href="https://www.google.com/search?q=related:https://ellenbrown.com/books/the-public-bank-solution/+ellen+brown+banking+on+the+public&tbo=1&sa=X&ved=2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQHzABegQICBAF" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;"></a><a class="fl" href="https://www.google.com/search?q=related:https://ellenbrown.com/books/the-public-bank-solution/+ellen+brown+banking+on+the+public&tbo=1&sa=X&ved=2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQHzABegQICBAF" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;">Ellen Brown is the leader of the public banking movement and this masterful work is certain to become the go-to book for anyone interested in transcending the ...</a></div><div data-base-uri="/search" id="ed_15" data-ved="2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQ2Z0BMAF6BAgIEAY"><div class="g" style="line-height: 1.2; 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text-decoration-line: none;"></a><a href="https://ellenbrown.com/2019/04/18/the-public-banking-revolution-is-upon-us/" ping="/url?sa=t&source=web&rct=j&url=https://ellenbrown.com/2019/04/18/the-public-banking-revolution-is-upon-us/&ved=2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQFjACegQIBhAB" style="cursor: pointer; text-decoration-line: none;"></a><a href="https://ellenbrown.com/2019/04/18/the-public-banking-revolution-is-upon-us/" ping="/url?sa=t&source=web&rct=j&url=https://ellenbrown.com/2019/04/18/the-public-banking-revolution-is-upon-us/&ved=2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQFjACegQIBhAB" style="cursor: pointer; text-decoration-line: none;">The Public Banking Revolution Is Upon Us | WEB OF DEBT BLOG</a></h3>
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</a></div><div>The surprising success of local currencies reveals the power of small banks</div><div>Valerie Vande Panne / Independent Media Institute</div><div>
</div></div><div><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:DWYsRl74qNUJ:https://ellenbrown.com/2019/04/18/the-public-banking-revolution-is-upon-us/+&cd=3&hl=en&ct=clnk&gl=us" ping="/url?sa=t&source=web&rct=j&url=https://webcache.googleusercontent.com/search%3Fq%3Dcache:DWYsRl74qNUJ:https://ellenbrown.com/2019/04/18/the-public-banking-revolution-is-upon-us/%2B%26cd%3D3%26hl%3Den%26ct%3Dclnk%26gl%3Dus&ved=2ahUKEwjV4b2w5oLjAhWPB80KHVwFAfoQIDACegQIBhAE" style="text-decoration-line: none; cursor: pointer; display: block; padding: 7px 18px; outline: 0px;">=</a></div><div><div class="mag-header" style="box-sizing: border-box; outline: none; margin: 0px 0px 19px; padding: 0px; position: relative; background-color: rgb(255, 255, 255);"><h3 class="magcat-titlte entry-title" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; letter-spacing: 1px;"><a href="https://www.alternet.org/2019/03/time-really-is-money-with-increasingly-popular-cooperative-time-banks/" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: all 0.3s ease 0s; cursor: pointer; display: block; letter-spacing: 0px; line-height: 1.4;">Time really is money with increasingly popular cooperative time banks</a></h3><div class="grid-post-box-meta mag-meta" style="box-sizing: border-box; outline: none; margin: 7px 0px 0px; padding: 0px;"><a href="https://www.alternet.org/author/valerie-vande-panne/" title="Posts by Valerie Vande Panne" class="author url fn" rel="author" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer;">Valerie Vande Panne</a> / <a href="https://www.alternet.org/author/independent-media-institute/" title="Posts by Independent Media Institute" class="author url fn" rel="author" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; text-decoration-line: none; transition: color 0.3s ease 0s; cursor: pointer;">Independent Media Institute</a></div></div><div class="mag-excerpt entry-content" style="box-sizing: border-box; outline: none; margin: 0px; padding: 0px; background-color: rgb(255, 255, 255);">Jennie Weakley is a time bank enthusiast with Unity in Our Community TimeBank in Southwest Detroit. For nearly 10 years, she’s used time banking to get the windows of her…</div></div><div>=</div><div>=</div><div><a href="https://www.alternet.org/environment/big-banks-just-flunked-their-own-test-climate-indigenous-rights">https://www.alternet.org/environment/big-banks-just-flunked-their-own-test-climate-indigenous-rights</a></div><div>
</div><div><a href="https://www.ran.org/press-releases/media-advisory-indigenous-environmental-and-climate-justice-groups-rally-outside-equator-principles-meeting-demand-stronger-commitments/" style="text-decoration-line: none;">October 16</a>, JPMorgan Chase, Wells Fargo, Crédit Agricole and 91 other global banks <a href="https://tinyurl.com/y9znwxct" style="text-decoration-line: none;">met in Washington, DC, to revise the Equator Principles</a>, industry-led due diligence standards meant to prevent banks from supporting environmentally and socially harmful projects.On the very same day, in a bitter irony, many of those same banks <a href="https://www.ran.org/endfinanceline3/" style="text-decoration-line: none;">re-upped their support for Enbridge, the Canadian company behind the Line 3 tar sands pipeline, which tramples Indigenous rights</a> and is flatly <a href="https://tinyurl.com/y8np6vyt" style="text-decoration-line: none;">incompatible with the goals of the Paris climate agreement</a>. They did so just days after the publication of a <a href="https://www.ipcc.ch/report/sr15/" style="text-decoration-line: none;">landmark United Nations report</a> showing the desperate urgency of taking concrete steps to tackle the climate crisis. It’s as if the banks wanted to supply their own headline example of exactly why the Equator Principles are broken and in dire need of repair.The current round of soul-searching around the Equator Principles dates back to the Dakota Access Pipeline (DAPL) and the Indigenous-led campaign calling out the banks behind the project. DAPL was a crisis for those banks, and it was a scandal for the Equator Principles Association. How did such an obviously flawed project pass muster?<interaction data-token="5b96855f8198b4e625350260" data-context="true" data-tags="" data-fallback="true" style="background-color: rgb(255, 255, 255);" />In response to <a href="https://www.equatorbanksact.org/home" style="text-decoration-line: none;">activist pressure</a>, in 2017, the Equator Principles Association agreed to a <a href="https://tinyurl.com/y8a6qpuz" style="text-decoration-line: none;">revision process</a>, including examining how the principles deal with the <a href="https://www.un.org/development/desa/indigenouspeoples/publications/2016/10/free-prior-and-informed-consent-an-indigenous-peoples-right-and-a-good-practice-for-local-communities-fao/" style="text-decoration-line: none;">internationally accepted standard</a> that projects cannot be built unless directly impacted Indigenous communities give their free, prior and informed consent. The Equator Principles currently ignore these principles in rich countries like the US — and ignore climate impacts everywhere.It’s astonishing that the banks were discussing those revisions on exactly the same day that many of them reaffirmed their support for Enbridge, when the Line 3 pipeline — the company’s largest new investment — is in danger of becoming DAPL 2.0. In a clear echo of DAPL, Enbridge has failed to secure the free, prior and informed consent of Indigenous communities impacted by Line 3: <a href="https://static1.squarespace.com/static/58a3c10abebafb5c4b3293ac/t/5b6bbf598985835b3fce16a2/1533787994006/LAWSUIT+Tribes+vs.+PUC+08082018.pdf" style="text-decoration-line: none;">three Ojibwe tribes in the Minnesota portion of the pipeline’s proposed path remain staunchly opposed</a>. There’s been a steady and growing drumbeat of Indigenous-led <a href="https://www.parkrapidsenterprise.com/news/4493238-opposition-streets-activists-gather-downtown-bemidji-protest-line-3" style="text-decoration-line: none;">legal and direct action, up to and including peaceful civil disobedience</a>.Of course, all this comes on the heels of the historic report recently released by the Intergovernmental Panel on Climate Change that describes food shortages, growing wildfires and massive coral reef destruction by 2040 unless we take immediate action to curb greenhouse gas emissions.We urgently need to stop expanding and start phasing out fossil fuels to have any chance of meeting the goals of the Paris climate agreement. Flying in the face of these facts, the Line 3 pipeline would increase extraction and burning of tar sands, one of the dirtiest forms of oil. Enbridge is a company going in exactly the wrong direction: Last year, it even <a href="https://calgaryherald.com/business/energy/enbridge-defends-decision-to-sell-onshore-renewables-as-climate-action-increases" style="text-decoration-line: none;">sold off a huge wind farm</a> <a href="https://sightline-wpengine.netdna-ssl.com/wp-content/uploads/2018/09/Enbridge-Line-3-Financing-Sightline-09-2018.pdf" style="text-decoration-line: none;">to free up capital</a> to build Line 3.<a href="https://www.ran.org/the-understory/whos-banking-enbridge/" style="text-decoration-line: none;">JPMorgan Chase, Wells Fargo and Crédit Agricole are the lead banks behind two key Enbridge credit facilities</a>, loans that act like giant credit cards for Enbridge to use as it pleases. <a href="https://sightline-wpengine.netdna-ssl.com/wp-content/uploads/2018/09/Enbridge-Line-3-Financing-Sightline-09-2018.pdf" style="text-decoration-line: none;">They are crucial for Enbridge’s ability to build Line 3</a>. When these loans are set to mature, banks have a choice: They can let them expire, or they can renew their support. One of Enbridge’s credit facilities was <a href="https://www.ran.org/endfinanceline3/" style="text-decoration-line: none;">renewed recently, with another scheduled for renewal in December</a>. At the beginning of October, Minnesota-based Native rights group Honor the Earth and a coalition of Indigenous and environmental organizations <a href="https://www.ran.org/endfinanceline3/" style="text-decoration-line: none;">sent a letter</a> to those three banks laying out the case against Line 3 and calling on them not to renew their support.Because Enbridge is <a href="https://www.ran.org/the-understory/whos-banking-enbridge/" style="text-decoration-line: none;">funding Line 3 from its general corporate coffers</a>, the pipeline illustrates another fundamental shortcoming of the Equator Principles: Since <a href="https://tinyurl.com/y7ctbmhp" style="text-decoration-line: none;">the standards only cover direct finance for projects</a>, Line 3 is outside of their scope, despite the project’s clear impacts on Indigenous rights and the climate. This is a litmus test for the current revision of the Equator Principles, which should cover projects like Line 3 if they’re going to be worth anything. As a start for companies sponsoring harmful projects, the Equator Principles evaluation should be triggered when these companies are up for credit renewals as well.But JPMorgan Chase, Wells Fargo and Crédit Agricole can’t hide behind the revision of the Equator Principles. They should immediately end their support for Line 3 by dropping their financing for Enbridge, so long as the company is pushing forward this destructive project. The December credit renewal will serve as another test. This time they should make sure they pass it.This article was produced by <a href="https://independentmediainstitute.org/earth-food-life/" style="text-decoration-line: none;">Earth | Food | Life</a>, a project of the Independent Media Institute, and originally published by <a href="https://truthout.org/articles/big-banks-just-flunked-their-own-test-on-climate-indigenous-rights/" style="text-decoration-line: none;">Truthout</a>.</div><div></div><div><a href="https://www.ran.org/endfinanceline3/">https://www.ran.org/endfinanceline3/</a></div><div>
</div><div>honor the earth 3 banks ltrs</div><div>
</div><div></div><div>=</div><div><div class="headline-container" style="margin-top: 10px; background-color: rgb(255, 255, 255);"><h1 class="headline h1" style="margin: 10px; padding: 0px; position: relative; line-height: 31px;">City of Angels Funds Some Hellish Fossil Fuel Projects</h1></div><div id="utm_campaign" style="margin-top: 10px; background-color: rgb(255, 255, 255);"><div class="body js-expandable clearfix js-listicle-body js-update-url" data-elid="2616813329" data-authors="Friends of the Earth" data-headline="The City of Angels Funds Some Hellish Fossil Fuel Projects" style="margin: 10px; line-height: 24px;"><div class="body-description">By Doug NorlenThis month the United Nations Intergovernmental Panel on Climate Change released a startling <a href="https://www.theguardian.com/environment/2018/oct/08/global-warming-must-not-exceed-15c-warns-landmark-un-report" target="blank" style="text-decoration-line: none;">report</a>, which finds that severe impacts of <a href="https://www.ecowatch.com/tag/climate-change" style="text-decoration-line: none;">climate change</a> are happening much sooner than previously expected, and that countries must take far more aggressive actions to avoid the most catastrophic impacts. The report finds that the burning of <a href="https://www.ecowatch.com/tag/fossil-fuels" style="text-decoration-line: none;">fossil fuels</a> must be curbed sharply.The harmful role Wall Street banks play in propping up fossil projects around the world is increasingly known. Yet there is much less awareness of the role major cities play when they place billions of dollars of their public funds into these same Wall Street banks. According to L.A. city records, as of July 2018, Los Angeles had banking and/or investment relationships with several Wall Street banks, many of which are notorious for their financing of fossil fuel and human rights debacles around the world, including JP Morgan Chase, Citi, Bank of America and Wells Fargo.According to <a href="https://www.ran.org/bankingonclimatechange2018/" target="blank" style="text-decoration-line: none;">Banking on Climate Change</a>, a fossil fuel finance report card, between 2015 and 2017 these Wall Street banks collectively provided over $50 billion in financing for <a href="http://www.ecowatch.com/tag/tar-sands" style="text-decoration-line: none;">tar sands</a>, ultra-deep <a href="http://www.ecowatch.com/tag/offshore-oil-drilling" style="text-decoration-line: none;">water drilling</a>, coal mining, <a href="http://www.ecowatch.com/tag/coal" style="text-decoration-line: none;">coal</a> power and liquid natural gas projects around the world. These projects contribute vast amounts of greenhouse gases into the atmosphere, and many of them have severe local environmental, social and human rights impacts as well.But in 2018, cities have more ethical options. Rather than investing the public's money in environmental and human destruction, cities can establish public banks. When properly structured and operated, public banks can prohibit the use of their funds for fossil fuel and other harmful projects. Instead, they can fund <a href="http://www.ecowatch.com/renewable-energy/" style="text-decoration-line: none;">renewable energy</a>and other green enterprises, affordable housing, education and low-cost loans to job-creating entrepreneurs—all while avoiding paying hundreds of millions of dollars in exorbitant fees to Wall Street banks.The movement to establish public banks is growing nationwide. California is at the forefront, with efforts to pass state-wide legislation allowing establishment of municipal banks as well as campaigns to establish public banks in San Francisco, Oakland and other East Bay cities, Los Angeles and other municipalities.When Los Angeles voters go to the polls next week, they will decide whether to approve Charter Amendment B, which amends the city's charter to enable it to take affirmative steps to establish a public bank. And Los Angeles is a great case study on the need for public banks. According to Public Bank L.A., the city maintains bank accounts with between $4 billion and $12 billion in cash, and manages up to $45 billion in investments through large commercial banks.The enormous sum of public funds that L.A. entrusts to fossil fuel banks undercuts the climate leadership of city officials. For example, this past August L.A. Mayor Eric Garcetti joined a coalition of hundreds of mayors across the country to <a href="https://www.lamayor.org/mayor-garcetti-and-climate-mayors-representing-407-cities-denounce-trump-administrations-proposed" target="blank" style="text-decoration-line: none;">condemn</a> Donald Trump's plans to weaken vehicle efficiency standards and rescind California's waiver right to set stronger greenhouse gas regulations. In December 2016, Garcetti joined other mayors to <a href="https://www.lamayor.org/mayor-garcetti-leads-%25E2%2580%2598climate-mayors%25E2%2580%2599-oppose-us-withdrawal-paris-agreement" target="blank" style="background-color: rgb(255, 255, 255); text-decoration-line: none;">denounce</a> Trump's decision to walk away from the <a href="http://www.ecowatch.com/tag/paris-agreement" style="background-color: rgb(255, 255, 255); text-decoration-line: none;">Paris agreement</a>. The city council has shown progressive streaks on banking issues as well. In December 2017, the Council unanimously voted to enforce both federal and state Community Reinvestment Act ratings disqualifying Wells Fargo from submitting a Request for Proposal for the city's commercial banking services. And yet, the city still banks with Wells Fargo.If L.A. voters approve Charter Amendment B, the city will be one step closer to creating a municipal bank and redirecting its billions of dollars of public funds to environmentally sound, fiscally smart, sustainable community needs. In doing so, L.A. will serve as a beacon of progress to inspire the larger national movement to establish public banks.
For a sense of why Los Angeles so badly needs to approve Charter Amendment B, we've included descriptions of just a handful of the harmful projects Los Angeles is currently supporting by keeping its money in fossil fuel banks (based on publicly available information). Here is a sample of some of the projects that LA's banks support:Dakota Access Pipeline (United States):<ul class="ee-ul" style="background-color: rgb(255, 255, 255); margin: 1em 0px; padding: 0px 0px 0px 40px;"><li>Citi — $235 million in project finance</li><li>MUFG — $235 million in project finance</li><li>Wells Fargo — $120 million in project finance</li></ul>The <a href="http://www.ecowatch.com/tag/dakota-access-pipeline" style="text-decoration-line: none;">Dakota Access Pipeline</a>, or DAPL, extends over 1,000 miles across several U.S. states, damaging Native American ancestral lands and water. Passing within just a half-mile of the Standing Rock Indian Reservation, the pipeline has destroyed sacred sites and threatens the tribe's drinking water with potential oil spills. Beginning in 2016, Native American water protectors, including Standing Rock Sioux tribal elders and members, led opposition to DAPL. Supported by thousands of allies, this grew into one of the largest and most iconic movements in the world to halt fossil fuel <a href="http://www.ecowatch.com/tag/pipelines" style="text-decoration-line: none;">pipelines</a>. In response to peaceful, prayerful resistance, police from several states and agencies, members of the U.S. National Guard and armed private security forces used military equipment and tactics, including attack dogs, to intimidate, assault, arrest and otherwise commit grievous human rights abuses against water protectors and their allies. Opposition to the pipeline expanded far beyond the project site and supercharged the growing global movement against financial institutions that support fossil fuel projects.Atlantic Coast Pipeline (United States):<ul class="ee-ul" style="background-color: rgb(255, 255, 255); margin: 1em 0px; padding: 0px 0px 0px 40px;"><li>Bank of America — $673.5 million in corporate loans (13)</li><li>Citi — $673.5 million in corporate loans (14)</li><li>JP Morgan Chase — $648 million in corporate loans (15)</li><li>MUFG — $1.182 billion in corporate loans (16)</li><li>Wells Fargo — $673.5 million in corporate loans (17)</li></ul>The proposed 600-mile <a href="https://www.ecowatch.com/tag/atlantic-coast-pipeline" style="text-decoration-line: none;">Atlantic Coast Pipeline</a>, running from West Virginia through North Carolina, is the third longest gas pipeline in production or in some phase of development over the past 20 years in the U.S. Trees have been cleared along the pipeline route and infrastructure development has begun. Although two lawsuits against the pipeline are now pending in federal and North Carolina courts, federal law allows pipelines to be constructed prior to the resolution of all litigation. The ACP was the only oil or gas pipeline to be on Donald Trump's list of 50 Priority National Security Projects prior to his election.According to published reports, the central purpose of the ACP is to enter South Carolina and eventually reach Elba Island, Georgia where gas will be exported from a liquid natural gas facility now under construction. This recognition raises serious concerns regarding the use of eminent domain to take privately owned property for private gain instead of public use.The ACP threatens the livelihood of more than 30,000 indigenous peoples that live along the pipeline route. In May 2018, an alliance of community, statewide and national groups filed a complaint to the U.S. Environmental Protection Agency (<a href="http://www.ecowatch.com/tag/epa" style="text-decoration-line: none;">EPA</a>) Civil Rights Compliance Office, alleging that the North Carolina Department of Environmental Quality discriminated on the basis of race and color in issuing permits and certifications to the ACP as part of the permitting process. In September 2018, environmental groups filed legal challenges in an appeals court against federal permitting agencies.
Kusile Power Station (South Africa):<ul class="ee-ul" style="background-color: rgb(255, 255, 255); margin: 1em 0px; padding: 0px 0px 0px 40px;"><li>Bank of America — financial advisor</li><li>JP Morgan Chase — financial advisor</li><li>MUFG — part of 705 million euro corporate loan to South Africa's state power company, Eskom, to purchase boilers from Hitachi Power Europe for the Kusile coal power plant</li></ul>Once completed, the 4,800-megawatt Kusile coal plant in South Africa will be one of the largest coal plants in the world. The estimated annual greenhouse gas equivalent emissions of the plant—30 million tons—would increase South African energy sector emissions by 12.8 percent and the country's total contribution to climate change by 9.7 percent. South Africa already has the distinction of being among the top global greenhouse gas emitters per capita. The Kusile project area already exceeds permitted ambient levels of hazardous <a href="http://www.ecowatch.com/tag/air-pollution" style="text-decoration-line: none;">air pollutants</a> that create soot and smog, which cause harm to respiratory, cardiovascular and nervous systems, leading to heart disease, cancer, stroke and chronic lower respiratory diseases, according to Physicians for Social Responsibility. If completed, Kusile will increase the cost of electricity for the poor and household consumers to compensate for Apartheid-era "special pricing agreements" that give large industrial users, which consume most of South Africa's electricity, guaranteed rates that are among the lowest in the world. The cost of Kusile, which in 2007 was estimated by Eskom to be 80 billion rand, had more than doubled to 172 billion rand by 2016. It is "expected to further strain Eskom's financial resources, and place upward pressure on Eskom's electricity price trajectory in the years ahead." In 2015 the U.S. Securities and Exchange Commission charged Hitachi with violations of the Foreign Corrupt Practices Act in connection with contracts to build Kusile and Medupi (another enormous coal plant in South Africa), resulting in a $19 million settlement.Long Phu-1 Coal Plant (Vietnam):<ul class="ee-ul" style="background-color: rgb(255, 255, 255); margin: 1em 0px; padding: 0px 0px 0px 40px;"><li>MUFG and JP Morgan Chase — among the lead financial arrangers, with potential combined $650 million in finance</li></ul>Long Phu-1 in Vietnam would emit an estimated 6.3 million tonnes of CO2 per year. As a "supercritical" coal power plant, Long Phu-1 is prohibited from being financed by most official government export credit agencies (ECA), including the U.S. Export-Import Bank. However, the former director of the EPA's Air Enforcement Division, Bruce Buckheit, revealed that the project consulting firm Environmental Resources Management doctored the coal plant's greenhouse gas emissions estimates to make Long Phu-1 appear to be a more efficient "ultra-supercritical" plant, which would be allowed under ECA coal financing restrictions. Analysis of Long Phu-1 by Friends of the Earth U.S. reveals that the project violates other international policies, including requirements to analyze alternatives, identify cumulative and associated risks and impacts, evaluate labor and working conditions, prevent pollution, protect community health, provide safety and security, and ensure biodiversity conservation. In February 2018, the New York Times reported that U.S. Export-Import Bank financing for Long Phu-1 had collapsed after it was revealed that project financiers included Vnesheconombank, a Russian bank that is on the U.S. government's sanctions list and is part of a federal investigation into possible collusion between the Russian government and the Trump presidential campaign. It was also reported that a top Long Phu-1 project official had been sentenced to prison for corruption. MUFG and JP Morgan Chase, like the U.S. Export-Import Bank, must also comply with U.S. sanctions. However, it remains unclear whether these banks continue to be potential financiers of Long Phu-1.</div></div></div><div></div><a href="http://www.yesmagazine.org/new-economy/how-california-could-get-its-money-out-of-wall-street-20180606">http://www.yesmagazine.org/new-economy/how-california-could-get-its-money-out-of-wall-street-20180606</a>ellen browntruthdig longeralifornia needs to spend more than <a href="http://www.caeconomy.org/reporting/entry/rebuilding-our-public-facilities-california-forwards-smart-investment-strat" style="box-sizing: border-box; background: transparent;">$700 billion on infrastructure </a>over the next decade. Where will this money come from? The <a href="http://prospect.org/article/trumps-infrastructure-plan-fiction-scam-actually-both" style="box-sizing: border-box; background: transparent;">$1.5 trillion infrastructure initiative </a>unveiled by President Trump in February includes only $200 billion in federal funding for infrastructure projects across the U.S., and less than that after factoring in the billions in tax cuts in infrastructure-related projects.The rest is to come from cities, states, private investors, and public-private partnerships. And since city and state coffers are depleted, that chiefly means private investors and PPPs, which have a shady history at best.At the same time, California has over $700 billion parked in private banks earning minimal interest, private equity funds that contributed to the affordable housing crisis, and “shadow banks”—unregulated financial institutions of the sort that <a href="https://themarketmogul.com/shadow-banking-financial-crisis/" style="box-sizing: border-box; background: transparent;">caused the banking collapse of 2008</a>. If California had a public infrastructure bank chartered to take deposits, some of these funds could be used to generate credit for the state while remaining safely on deposit in the bank.California’s $700 billion is in funds of various sorts tucked around the state, including $500 billion in CalPERS and CalSTRS, the state’s massive public pension funds. These pools of money are restricted in how they can be spent and are either sitting in banks drawing a modest interest or invested with Wall Street asset managers and private equity funds. Those funds are not obligated to invest the money in California, and are vulnerable to losses from Wall Street’s tendency to overextend itself into risky investments. In 2009, for example, CalPERS and CalSTRS reported almost <a href="http://articles.latimes.com/2009/jul/22/business/fi-calpers22" style="box-sizing: border-box; background: transparent;">$100 billion in losses </a>from investments gone awry.<div class="promotion-inset" style="box-sizing: border-box; border-top: 1px solid rgb(228, 228, 229); border-bottom: 1px solid rgb(228, 228, 229); padding: 0.7em 0px 0px; margin: 0.7em auto; width: 512.484px; background-color: rgb(255, 255, 255);"><a class="external-link" href="https://store.yesmagazine.org/product/yes-donation/?ica=Don_20180601&icl=InArticle" target="blank" title="" style="box-sizing: border-box; background: transparent;"><img src="http://www.yesmagazine.org/copy_of_NewsYouLove_leaderboard.jpg" alt="Donate to YES!" class="image-inline" title="Donate to YES!" style="box-sizing: border-box; border: 0px; vertical-align: middle; float: none; max-width: 100%; height: auto !important;" /></a></div>In 2017, <a href="http://www.pionline.com/article/20180327/ONLINE/180329871/calstrs-allocates-61-billion-in-second-half-of-2017" style="box-sizing: border-box; background: transparent;">CalSTRS allocated $6.1 billion to private equity funds</a>, real estate managers, and co-investments, including $400 million to a real estate fund managed by Blackstone Group, the world’s largest private equity firm, notorious for buying up distressed properties after the 2008 housing market collapse. Another $200 million was given to BlackRock, the<a href="https://en.wikipedia.org/wiki/BlackRock" style="box-sizing: border-box; background: transparent;">world’s largest shadow bank</a>.CalPERS is now in talks with BlackRock over <a href="https://www.axios.com/calpers-considers-outsourcing-private-equity-to-blackrock-1513305374-0c3d4f3d-210c-4c0e-be22-173d3ca4f5b2.html" style="box-sizing: border-box; background: transparent;">management of its $26 billion private equity fund</a>, with discretion to invest that money as it sees fit. But that decision would cost the state substantial sums in fees (<a href="http://fortune.com/2016/11/15/calpers-private-equity-money-managers/" style="box-sizing: border-box; background: transparent;">management fees for CalPERS made up 14 percent </a>of private equity profits in 2016), and there are risks. In 2009, BlackRock defaulted on a New York real estate project that left CalPERS <a href="http://latimesblogs.latimes.com/money_co/2010/01/money-cocalpers-loses-500-million-on-new-york-apartment-deal.html" style="box-sizing: border-box; background: transparent;">$500 million in the hole</a>. There are also potential conflicts of interest, as BlackRock or its managers have controlling interests in companies that could be steered into deals with the state.In 2015, the company was <a href="http://www.businessinsider.com/blackrock-fined-by-sec-for-conflict-of-interest-2015-4" style="box-sizing: border-box; background: transparent;">fined $12 million </a>by the SEC for that sort of conflict; and in 2015, it was <a href="http://www.dw.com/en/blackrock-hit-by-hefty-fine-in-germany/a-18334574" style="box-sizing: border-box; background: transparent;">fined $3.5 million </a>for providing flawed data to German regulators. BlackRock also invests clients’ money in companies like oil company Exxon and food and beverage company Nestle, which have been criticized for not serving California’s interests and exploiting state resources.California public entities also have <a href="http://www.publicnow.com/view/6A79C859109A1FE3DF06558F9DDE443504749093?2017-04-10-17:01:23+01:00-xxx7549" style="box-sizing: border-box; background: transparent;">$2.8 billion invested in CalTRUST</a>, a money market fund managed by BlackRock. Money market funds remain unregulated, although it was a run on money market funds that <a href="https://www.gsb.stanford.edu/insights/role-repo-financial-crisis" style="box-sizing: border-box; background: transparent;">triggered the 2008 credit crisis</a>.<h4 style="box-sizing: border-box; font-weight: 500; line-height: 1.25; margin-top: 10px; margin-bottom: 10px; background-color: rgb(255, 255, 255);">The infrastructure bank option</h4>There is another alternative. California’s pools of idle funds can’t be spent because they must be saved for a “rainy day” or for future pension fund payouts; but they could be deposited or invested in a publicly owned bank, where they could form the deposit base for infrastructure loans. California is now the <a href="http://www.sacbee.com/news/business/article210466514.html" style="box-sizing: border-box; background: transparent;">fifth largest economy </a>in the world, trailing only Germany, Japan, China, and the United States. Germany, China, and other Asian countries are addressing their infrastructure challenges through public infrastructure banks that leverage pools of funds into loans for needed construction.China not only has its own China Infrastructure Bank, but also has established the Asian Infrastructure Investment Bank, whose members include many Asian and Middle Eastern countries, including Australia, New Zealand, and Saudi Arabia. Both banks are helping to fund China’s trillion-dollar “<a href="https://www.devex.com/news/china-s-new-silk-road-a-link-to-sustainable-development-87554" style="box-sizing: border-box; background: transparent;">One Belt One Road</a>” infrastructure initiative.Germany has an infrastructure bank called KfW which is larger than the World Bank and had <a href="https://en.wikipedia.org/wiki/KfW" style="box-sizing: border-box; background: transparent;">assets of $600 billion</a> in 2016. Along with the public Sparkassen banks, KfW has <a href="https://www.theguardian.com/environment/damian-carrington-blog/2012/may/24/green-investment-bank-energy-efficiency" style="box-sizing: border-box; background: transparent;">funded Germany’s green energy revolution</a>. Renewables generated 41 percent of the country’s electricity in 2017, up from 6 percent in 2000, earning the country the title “the world’s first major green energy economy.” <a href="https://oaklandnorth.net/2017/09/26/renewable-energy-cannabis-industries-lead-the-charge-for-an-oakland-public-bank/" style="box-sizing: border-box; background: transparent;">Public banks provided over 72 percent </a>of the financing for this transition.<blockquote class="pullquote" style="box-sizing: border-box; padding: 0px 0px 10px; margin: 0px 1em 0px 0px; border-left: none; line-height: 1.4em;" open="Open" sans="Sans" helvetica="Helvetica" sans-serif="sans-serif" float="float" left="left" max-width="max-width" font-weight="font-weight" width="width" px="px" clear="clear" right="right" color="color" rgb="rgb" background-color="background-color" letter-spacing="letter-spacing" em="em" important="important">The IBank could be expanded to address California’s infrastructure needs.</blockquote>As for California, it already has an infrastructure bank: the California Infrastructure and Development Bank, also known as IBank. But the IBank is a “bank” in name only. It cannot take deposits or leverage capital into loans. What IBank does have is the ability to save the state a lot of money. Financing infrastructure through the municipal bond market accounts for <a href="https://www.mercurynews.com/2013/12/25/delta-tunnels-plans-true-price-tag-as-much-as-67-billion/" target="blank" style="box-sizing: border-box; background: transparent;">half the cost of infrastructure </a>due to the debt load involved.One example where this is made clear is with <a href="https://ballotpedia.org/California_Proposition_68,Parks,Environment,and_Water_Bond(June_2018)" target="blank" style="box-sizing: border-box; background: transparent;">Proposition 68</a>, a statewide ballot measure that voters approved in the June 5 primary election which authorizes $4.1 billion in bonds for parks, environmental, and flood protection programs. The true cost of the measure is $200 million per year over 40 years in additional interest, bringing the total to $8 billion. California’s IBank, which funds infrastructure at 3 percent, could finance the same bill over 30 years for $2.1 billion—a nearly 50 percent reduction.That’s if it were adequately capitalized, but IBank is seriously underfunded because the California Department of Finance <a href="http://www.pbs.org/wnet/blueprintamerica/reports/by-topic/growth-development/a-national-infrastructure-bank-the-state-i-bank/554/" style="box-sizing: border-box; background: transparent;">returned over half of its allotted funds </a>to the General Fund to repair the state’s budget after the dot-com market collapse in 2001. However, IBank has 20 years’ experience in making prudent infrastructure loans at below municipal bond rates, and its clients are limited to municipal governments and other public entities, making them safe bets underwritten by their local tax bases. The IBank could be expanded to address California’s infrastructure needs, drawing deposits and capital from its many pools of idle funds across the state and reducing costs significantly.<h4 style="box-sizing: border-box; font-weight: 500; line-height: 1.25; margin-top: 10px; margin-bottom: 10px; background-color: rgb(255, 255, 255);">A better use for pension money</h4>In an illuminating 2017 paper for University of California, Berkeley’s Haas Institute titled “<a href="https://haasinstitute.berkeley.edu/funding-public-pensions" style="box-sizing: border-box; background: transparent;">Funding Public Pensions</a>,” policy consultant Tom Sgouros showed that the push to put pension fund money into risky high-yield investments comes from a misguided application of accounting rules.The error results from treating governments like private companies that can be liquidated out of existence. He argues that public pension funds can be safely operated on a pay-as-you-go basis, just as they were for 50 years before the 1980s. Payments to pensioners can be guaranteed by the state, which legally cannot go bankrupt and has a perpetual tax base to draw on.<blockquote class="pullquote" style="box-sizing: border-box; padding: 0px 0px 10px; margin: 0px 1em 0px 0px; border-left: none; line-height: 1.4em;" open="Open" sans="Sans" helvetica="Helvetica" sans-serif="sans-serif" float="float" left="left" max-width="max-width" font-weight="font-weight" width="width" px="px" clear="clear" right="right" color="color" rgb="rgb" background-color="background-color" letter-spacing="letter-spacing" em="em" important="important">A public bank can keep the state’s own funds at home working for the state.</blockquote>That accounting change would take the pressure off the pension boards and free up hundreds of billions of dollars in taxpayer funds. Some portion of that money could then be deposited in publicly owned banks, which in turn could generate the low-cost credit needed to fund the infrastructure and services that taxpayers expect from their governments.Note that these deposits would not be spent. Pension funds, rainy day funds, and other pools of government money can provide the liquidity for loans while remaining on deposit in the bank, available for withdrawal on demand by the government depositor.<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2416234" style="box-sizing: border-box; background: transparent;">Even mainstream economists now acknowledge </a>that banks do not lend their deposits but actually create deposits when they make loans. The bank borrows as needed to cover withdrawals, but not all funds are withdrawn at once. And a government bank can borrow its own deposits much more cheaply than local governments can borrow on the bond market. Through their own public bank, government entities can thus effectively borrow at bankers’ rates plus operating costs, cutting out go-betweens.Unlike borrowing through bonds, which merely recirculate existing funds, borrowing from a bank creates new money, which will stimulate economic growth and come back to the state in the form of new taxes and pension premiums. A <a href="http://www.businessinsider.com/infrastructure-economic-multiplier-2012-11" style="box-sizing: border-box; background: transparent;">working paper published by the San Francisco Federal Reserve </a>in 2012 found that one dollar invested in infrastructure generates at least two dollars in GSP (state GDP), and roughly four times more than average during economic downturns.A public bank can keep the state’s own funds at home working for the state. By expanding California’s existing infrastructure bank into a chartered bank authorized to take deposits of public money, the state can leverage its existing funds into municipal loans to meet its infrastructure needs while the funds remain safely on deposit in the bank.LA RFP 12/17 wells fargo bad actor [plus wage theft]pot $ dangerous?! cf gray davis boom and bust swings; john change will go for gov?eco update 30 min in? ND non-partisan league, grain millNorth dakota bank held up well in Gt Recession? written into stat const, full faith and credit of stategermany green energy<a href="https://kpfa.org/episode/economic-update-december-22-2017/">https://kpfa.org/episode/economic-update-december-22-2017/</a><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="38" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QFQgmKAAwAA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://www.beneficialstatebank.com/bio-kat-taylor" style="text-decoration-line: none;">Kat Taylor | Beneficial State Bank</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f kv SWb" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="Rm" style="font-style: normal;">https://www.beneficialstatebank.com/bio-kat-taylor</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="Fmb ab_button" href="https://www.google.com/search?q=kat+steyer+public+bank&oq=kat+steyer+public+bank&aqs=chrome..69i57.6591j0j4&sourceid=chrome&ie=UTF-8#" id="am-b0" aria-label="Result details" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4Q7B0IKDAA" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QqR8IKTAA" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:dTUtZxmXM4J:https://www.beneficialstatebank.com/bio-kat-taylor+&cd=1&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://www.google.com/search?q=related:https://www.beneficialstatebank.com/bio-kat-taylor+kat+steyer+public+bank&tbo=1&sa=X&ved=0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QHwgrMAA" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><a class="fl" href="https://www.google.com/search?q=related:https://www.beneficialstatebank.com/bio-kat-taylor+kat+steyer+public+bank&tbo=1&sa=X&ved=0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QHwgrMAA" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;">Kat Taylor. Kat Taylor works in service of restoring social justice and environmental well-being. Kat is active in a variety of social enterprises, public benefit and philanthropic ventures on the West Coast. Currently, she serves as Co-Founder and Co-CEO of Beneficial State Bank, a Community Development Financial ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="44" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QtgIILCgBMAE"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://www.youtube.com/watch?v=h8VrutFoB4Q" style="text-decoration-line: none;">Banking with a Public Benefit -- Kat Taylor - YouTube</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div><div class="th lyb _YQd" style="border: 1px solid rgb(235, 235, 235); background-color: rgb(0, 0, 0); float: left; overflow: hidden; margin-top: 4px; position: relative; height: 65px; width: 116px;"><a href="https://www.youtube.com/watch?v=h8VrutFoB4Q" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QuAIILjAB" style="text-decoration-line: none;"><g-img class="ygd" style="display: block; position: absolute;"><img id="vidthumb2" src="data:image/jpeg;base64,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" class="WCg" height="87" width="116" alt="Video for kat steyer public bank" style="display: block; border: 0px; position: relative; top: -11px;" /></g-img>▶ 26:07</a></div></div><div style="margin-left: 125px;"><div class="f kv _SWb" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="Rm" style="font-style: normal;">https://www.youtube.com/watch?v=h8VrutFoB4Q</cite></div><div class="slp f" style="">Dec 20, 2016 - Uploaded by KnowledgeAtWharton</div>Kat Taylor, co-CEO, Beneficial State Bank, discusses how the triple bottom line company enhances economic ...</div><div style="clear: left;"><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="47" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QFQgvKAIwAg"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://bthechange.com/kat-taylor-and-tom-steyer-power-couple-shifting-finance-a6cea0180349" style="text-decoration-line: none;">Kat Taylor and Tom Steyer: Power Couple Shifting Finance</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f kv SWb" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="Rm" style="font-style: normal;">https://bthechange.com/kat-taylor-and-tom-steyer-power-couple-shifting-finance-a6ce...</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="Fmb ab_button" href="https://www.google.com/search?q=kat+steyer+public+bank&oq=kat+steyer+public+bank&aqs=chrome..69i57.6591j0j4&sourceid=chrome&ie=UTF-8#" id="am-b2" aria-label="Result details" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4Q7B0IMTAC" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; 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padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:5XAHELXty6sJ:https://bthechange.com/kat-taylor-and-tom-steyer-power-couple-shifting-finance-a6cea0180349+&cd=3&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:5XAHELXty6sJ:https://bthechange.com/kat-taylor-and-tom-steyer-power-couple-shifting-finance-a6cea0180349+&cd=3&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;">Dec 9, 2016 - Kat Taylor and Tom Steyer: Power Couple Shifting Finance. Influencing Change Through Beneficial State Bank, NextGen Climate, Political Fundraisers and More. Among the pioneers around the world who are using business to have positive impact, Kat Taylor and Tom Steyer are two of the heaviest ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="53" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QFQg1KAMwAw"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://yscouts.com/interviews/kat-taylor-beneficial-state-bank/" style="text-decoration-line: none;">Kat Taylor, Co-Founder & Co-CEO of Beneficial State Bank | Y Scouts</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f kv _SWb" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="Rm" style="font-style: normal;">https://yscouts.com/interviews/kat-taylor-beneficial-state-bank/</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="Fmb ab_button" href="https://www.google.com/search?q=kat+steyer+public+bank&oq=kat+steyer+public+bank&aqs=chrome..69i57.6591j0j4&sourceid=chrome&ie=UTF-8#" id="am-b3" aria-label="Result details" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4Q7B0INzAD" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QqR8IODAD" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:Ngmvax_7BXQJ:https://yscouts.com/interviews/kat-taylor-beneficial-state-bank/+&cd=4&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://www.google.com/search?q=related:https://yscouts.com/interviews/kat-taylor-beneficial-state-bank/+kat+steyer+public+bank&tbo=1&sa=X&ved=0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QHwg6MAM" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><a class="fl" href="https://www.google.com/search?q=related:https://yscouts.com/interviews/kat-taylor-beneficial-state-bank/+kat+steyer+public+bank&tbo=1&sa=X&ved=0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QHwg6MAM" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;">Feb 25, 2016 - The first one, we're not expecting the banking system to take up necessarily, but it is as you say that 100% of the economic rights of Beneficial State Bank belong to the Beneficial State Foundation. That is a public charity foundation, so it is permanently governed in the public interest. It cannot be controlled ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="60" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QFQg8KAQwBA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://www.huffingtonpost.com/author/kat-taylor" style="text-decoration-line: none;">Kat Taylor | HuffPost</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f kv _SWb" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="Rm" style="font-style: normal;">https://www.huffingtonpost.com/author/kat-taylor</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="Fmb ab_button" href="https://www.google.com/search?q=kat+steyer+public+bank&oq=kat+steyer+public+bank&aqs=chrome..69i57.6591j0j4&sourceid=chrome&ie=UTF-8#" id="am-b4" aria-label="Result details" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4Q7B0IPjAE" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QqR8IPzAE" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:kPGo8_HY0mEJ:https://www.huffingtonpost.com/author/kat-taylor+&cd=5&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:kPGo8_HY0mEJ:https://www.huffingtonpost.com/author/kat-taylor+&cd=5&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;">Kat Taylor works in service of restoring social justice and environmental well-being. Kat is active in a variety of social enterprises, public benefit and philanthropic ventures on the West Coast. Currently, she serves as Co-Founder and Co-CEO of Beneficial State Bank, a Community Development Financial Institution (CDFI) ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="65" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QFQhBKAUwBQ"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://law.stanford.edu/steyer-taylor-center-for-energy-policy-and-finance/about-tom-steyer-and-kat-taylor/" style="text-decoration-line: none;">About Tom Steyer and Kat Taylor - Steyer-Taylor Center for Energy ...</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f kv _SWb" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="Rm" style="font-style: normal;">https://law.stanford.edu/steyer-taylor-center-for.../about-tom-steyer-and-kat-taylor/</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="Fmb ab_button" href="https://www.google.com/search?q=kat+steyer+public+bank&oq=kat+steyer+public+bank&aqs=chrome..69i57.6591j0j4&sourceid=chrome&ie=UTF-8#" id="am-b5" aria-label="Result details" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4Q7B0IQzAF" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QqR8IRDAF" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:SPFqgpWFWQoJ:https://law.stanford.edu/steyer-taylor-center-for-energy-policy-and-finance/about-tom-steyer-and-kat-taylor/+&cd=6&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:SPFqgpWFWQoJ:https://law.stanford.edu/steyer-taylor-center-for-energy-policy-and-finance/about-tom-steyer-and-kat-taylor/+&cd=6&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;">Tom Steyer and Kat Taylor are dedicated to advancing public policies related to the environment and shared prosperity for all. Together they are the founders of Beneficial State Bank, a nonprofit communitybank intended to provide loans to the underserved in California and along the West Coast. In 2010, Steyer and Taylor ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="70" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QFQhGKAYwBg"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://en.wikipedia.org/wiki/Tom_Steyer" style="text-decoration-line: none;">Tom Steyer - Wikipedia</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f kv _SWb" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="Rm" style="font-style: normal;">https://en.wikipedia.org/wiki/Tom_Steyer</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="Fmb ab_button" href="https://www.google.com/search?q=kat+steyer+public+bank&oq=kat+steyer+public+bank&aqs=chrome..69i57.6591j0j4&sourceid=chrome&ie=UTF-8#" id="am-b6" aria-label="Result details" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4Q7B0ISDAG" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QqR8ISTAG" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:lWqulQpUvZoJ:https://en.wikipedia.org/wiki/Tom_Steyer+&cd=7&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://www.google.com/search?q=related:https://en.wikipedia.org/wiki/Tom_Steyer+kat+steyer+public+bank&tbo=1&sa=X&ved=0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QHwhLMAY" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><a class="fl" href="https://www.google.com/search?q=related:https://en.wikipedia.org/wiki/Tom_Steyer+kat+steyer+public+bank&tbo=1&sa=X&ved=0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QHwhLMAY" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;">Thomas Fahr Steyer (born June 27, 1957) is an American billionaire hedge fund manager, philanthropist, environmentalist, progressive activist, and fundraiser. Steyer is the founder and former co-senior managing partner of Farallon Capital and the co-founder of OneCalifornia Bank, which became (through merger) ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="76" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QFQhMKAcwBw"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://consciouscompanymedia.com/sustainable-business/meet-the-woman-beating-the-big-banks-at-their-own-game/" style="text-decoration-line: none;">Meet The Woman Beating the Big Banks At Their Own Game ...</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f kv _SWb" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="Rm" style="font-style: normal;">https://consciouscompanymedia.com/.../meet-the-woman-beating-the-big-banks-at-the...</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="Fmb ab_button" href="https://www.google.com/search?q=kat+steyer+public+bank&oq=kat+steyer+public+bank&aqs=chrome..69i57.6591j0j4&sourceid=chrome&ie=UTF-8#" id="am-b7" aria-label="Result details" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4Q7B0ITjAH" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QqR8ITzAH" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:OpQ3Tb73xnQJ:https://consciouscompanymedia.com/sustainable-business/meet-the-woman-beating-the-big-banks-at-their-own-game/+&cd=8&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://www.google.com/search?q=related:https://consciouscompanymedia.com/sustainable-business/meet-the-woman-beating-the-big-banks-at-their-own-game/+kat+steyer+public+bank&tbo=1&sa=X&ved=0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QHwhRMAc" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><a class="fl" href="https://www.google.com/search?q=related:https://consciouscompanymedia.com/sustainable-business/meet-the-woman-beating-the-big-banks-at-their-own-game/+kat+steyer+public+bank&tbo=1&sa=X&ved=0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QHwhRMAc" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;">Jul 5, 2016 - Kat Taylor and Beneficial State Bank are proving there's a better way to lend. ... Nothing else will suffice, because these community banks cannot overcome the damage of a banking system that's not working in the public interest. They can blunt the damage, but they can't overcome it. Tell us about how BSB ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 26px; background-color: rgb(255, 255, 255);"><div data-hveid="83" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QFQhTKAgwCA"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://www.hnu.edu/about/news/kat-taylor-discusses-socially-responsible-banking-entrepreneurship-speaker-series" style="text-decoration-line: none;">Kat Taylor Discusses Socially Responsible Banking for ...</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f kv _SWb" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="Rm" style="font-style: normal;">https://www.hnu.edu/.../kat-taylor-discusses-socially-responsible-banking-entrepreneu...</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="Fmb ab_button" href="https://www.google.com/search?q=kat+steyer+public+bank&oq=kat+steyer+public+bank&aqs=chrome..69i57.6591j0j4&sourceid=chrome&ie=UTF-8#" id="am-b8" aria-label="Result details" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4Q7B0IVTAI" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QqR8IVjAI" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:KGXIjgxsKZ8J:https://www.hnu.edu/about/news/kat-taylor-discusses-socially-responsible-banking-entrepreneurship-speaker-series+&cd=9&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:KGXIjgxsKZ8J:https://www.hnu.edu/about/news/kat-taylor-discusses-socially-responsible-banking-entrepreneurship-speaker-series+&cd=9&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;">Sep 26, 2014 - On Thursday, September 11, Kat Taylor, CEO of Beneficial State Bank, sat down for an in-depth discussion with HNU President William J. Hynes, PhD, during the initial event of the 2014–15 James Durbin Entrepreneurship Speaker Series. Taylor and her husband, Tom Steyer, founded the bankwith a triple ...</a></div></div></div></div><div class="g" style="line-height: 1.2; margin-top: 0px; margin-bottom: 28px; background-color: rgb(255, 255, 255);"><div data-hveid="89" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QFQhZKAkwCQ"><div class="rc" style="position: relative;"><h3 class="r" style="font-weight: normal; margin: 0px; padding: 0px; overflow: hidden; text-overflow: ellipsis; white-space: nowrap;"><a href="https://www.paymentssource.com/conference/paythink/speakers/kat-taylor" style="text-decoration-line: none;">Kat Taylor | PaymentsSource</a></h3><div class="s" style="max-width: 48em; line-height: 18px;"><div class="f kv _SWb" style="height: 18px; line-height: 16px; white-space: nowrap;"><cite class="Rm" style="font-style: normal;">https://www.paymentssource.com/conference/paythink/speakers/kat-taylor</cite><div class="action-menu ab_ctl" style="display: inline; position: relative; margin: 1px 3px 0px; user-select: none; vertical-align: middle;"><a class="_Fmb ab_button" href="https://www.google.com/search?q=kat+steyer+public+bank&oq=kat+steyer+public+bank&aqs=chrome..69i57.6591j0j4&sourceid=chrome&ie=UTF-8#" id="am-b9" aria-label="Result details" aria-expanded="false" aria-haspopup="true" role="button" jsaction="m.tdd;keydown:m.hbke;keypress:m.mskpe" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4Q7B0IWzAJ" style="border-radius: 0px; cursor: default; font-weight: bold; height: 12px; line-height: 27px; margin: 1px 0px 2px; min-width: 0px; padding: 0px; text-align: center; transition: none; user-select: none; background-image: none; border: 0px; box-shadow: 0px 0px 0px 0px; filter: none; width: 13px; text-decoration-line: none; display: inline-block;"><span class="mn-dwn-arw" style="border-color: rgb(0, 102, 33) transparent; border-style: solid; border-width: 5px 4px 0px; width: 0px; height: 0px; margin-left: 3px; top: 7.5px; margin-top: -4px; position: absolute; left: 0px;" /></a><div class="action-menu-panel ab_dropdown" role="menu" tabindex="-1" jsaction="keydown:m.hdke;mouseover:m.hdhne;mouseout:m.hdhue" data-ved="0ahUKEwiL_c_Rop7YAhXBSiYKHeZ1Av4QqR8IXDAJ" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; border: 1px solid rgba(0, 0, 0, 0.2); padding: 0px; position: absolute; right: auto; top: 12px; z-index: 3; transition: opacity 0.218s; box-shadow: rgba(0, 0, 0, 0.2) 0px 2px 4px; left: 0px; visibility: hidden;"><ol style="margin: 0px; padding: 0px; border: 0px;"><li class="action-menu-item ab_dropdownitem" role="menuitem" style="margin: 0px; padding: 0px; border: 0px; list-style: none; user-select: none; cursor: pointer;"><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:QhwF8KQm_P8J:https://www.paymentssource.com/conference/paythink/speakers/kat-taylor+&cd=10&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;" /></li></ol></div></div></div><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:QhwF8KQm_P8J:https://www.paymentssource.com/conference/paythink/speakers/kat-taylor+&cd=10&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;">Kat believes it's not enough to dream that our philanthropic resources could clean up damage after the fact; we must instead get fundamental institutions, including business, aligned with the public interest in the first place.Beneficial State Bank is the result of aligned mergers between OneCalifornia Bank, whichKat and her ...</a></div></div></div></div><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:QhwF8KQm_P8J:https://www.paymentssource.com/conference/paythink/speakers/kat-taylor+&cd=10&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;"></a><a class="fl" href="https://webcache.googleusercontent.com/search?q=cache:QhwF8KQm_P8J:https://www.paymentssource.com/conference/paythink/speakers/kat-taylor+&cd=10&hl=en&ct=clnk&gl=us" style="text-decoration-line: none; display: block; padding: 7px 18px; outline: 0px;">related </a><a href="http://www.alternet.org/economy/why-community-banks-are-dropping-flies-across-america">http://www.alternet.org/economy/why-community-banks-are-dropping-flies-across-america</a>
has state bank: <a href="http://en.wikipedia.org/wiki/Bank_of_North_Dakota">http://en.wikipedia.org/wiki/Bank_of_North_Dakota</a>The Bank of North Dakota was established by legislative action in 1919 to promote agriculture, commerce and industry in North Dakota.<a href="http://en.wikipedia.org/wiki/Bank_of_North_Dakota#cite_note-banknd-3" style="text-decoration: none; background-image: none; white-space: nowrap;">[3]</a> Though initially conceived by <a href="http://en.wikipedia.org/wiki/Populism" title="Populism" style="text-decoration: none; background-image: none;">populists</a> in the <a href="http://en.wikipedia.org/wiki/Non-Partisan_League" title="Non-Partisan League" class="mw-redirect" style="text-decoration: none; background-image: none;">Non-Partisan League</a>, or NPL, as a <a href="http://en.wikipedia.org/wiki/Credit_union" title="Credit union" style="text-decoration: none; background-image: none;">credit union</a>-style institution to free the farmers of the state from predatory lenders, the bank's functions were largely blocked by out-of-state financial actors refusing to buy the bonds the bank issued to finance its lending, lending that would have provided competition to the commercial banks.<a href="http://en.wikipedia.org/wiki/Bank_of_North_Dakota#cite_note-pbp_24jan2011-4" style="text-decoration: none; background-image: none; white-space: nowrap;">[4]</a> The business-backed <a href="http://en.wikipedia.org/wiki/Independent_Voters_Association" title="Independent Voters Association" style="text-decoration: none; background-image: none;">Independent Voters Association</a> then pursued shutting down the bank politically.<a href="http://en.wikipedia.org/wiki/Bank_of_North_Dakota#cite_note-pbp_24jan2011-4" style="text-decoration: none; background-image: none; white-space: nowrap;">[4]</a> The recall of NPL Governor <a href="http://en.wikipedia.org/wiki/Lynn_Frazier" title="Lynn Frazier" style="text-decoration: none; background-image: none;">Lynn Frazier</a> effectively ended the initial plan, with BND taking a more conservative central banking role in state finance. The current president and CEO is <a href="http://en.wikipedia.org/wiki/Eric_Hardmeyer" title="Eric Hardmeyer" style="text-decoration: none; background-image: none;">Eric Hardmeyer</a>; however, the bank itself is managed by the North Dakota Industrial Commission, which is composed of the Governor, Attorney General, and the Agriculture Commissioner (formerly the Agriculture and Labor Commissioner) of North Dakota.<a href="http://en.wikipedia.org/wiki/Bank_of_North_Dakota#cite_note-5" style="text-decoration: none; background-image: none; white-space: nowrap;">[5]</a>GS ripoff schools except ND:
According to Demos, per-student funding has been slashed since 2008 in every state but one – the indomitable North Dakota. What is so different about that state? Some commentators credit the oil boom, but other states with oil have not fared so well. And the boom <a href="http://ellenbrown.com/2015/02/10/why-public-banks-outperform-private-banks-unfair-competition-or-a-better-mousetrap/" style="text-decoration: none;">did not actually hit in North Dakota until 2010</a>. The budget of every state but North Dakota had already slipped into the red by the spring of 2009.One thing that does single the state out is that North Dakota alone has its own depository bank. The state-owned Bank of North Dakota (BND) was making 1% loans to school districts even in December 2014, when global oil prices had dropped by half. That month, <a href="http://mckenziecounty.net/News/School-gets-10-million-BND-loan-for-High-School" style="text-decoration: none;">the BND granted a $10 million construction loan</a> to McKenzie County Public School No. 1, at an interest rate of 1% payable over 20 years. Over the life of the loan, that works out to $.20 in simple interest or $.22 in compound interest for every $1 borrowed. Compare that to the $15 owed for every dollar borrowed by Anaheim’s Savanna School District or the $10 owed for every dollar borrowed by Santa Ana Unified.How can the BND afford to make these very low interest loans and still turn a profit? The answer is that <a href="http://ellenbrown.com/2015/02/10/why-public-banks-outperform-private-banks-unfair-competition-or-a-better-mousetrap/" style="text-decoration: none;">its costs are very low</a>. It has no exorbitantly-paid executives; pays no bonuses, fees, or commissions; pays no dividends to private shareholders; and has low borrowing costs. It does not need to advertise for depositors (it has a captive deposit base in the state itself) or for borrowers (it is a wholesale bank that partners with local banks, which find the borrowers). The BND also has no losses from derivative trades gone wrong. It engages in old-fashioned conservative banking and does not speculate in derivatives. Unlike the vampire squids of Wall Street, it is not motivated to maximize its bottom line in a predatory way. Its mandate is simply to serve the public interest.North Dakota currently has a population of about 740,000, or the size of Santa Ana and Anaheim combined. If a coalition of several such cities were to form a municipally-owned bank, they too could have their own low-cost capital funding mechanism, allowing them to escape the budget-sucking tentacles of Wall Street’s vampire squids.<div class="bio-new body_economy" style="width: 630px; font-style: italic; line-height: 22px; height: auto; border-top-width: 3px; border-top-style: solid; border-top-color: rgb(223, 223, 218); clear: both; background-color: rgb(255, 255, 255);"><div class="author-bio">Ellen Brown is an attorney, chairman of the <a href="http://publicbankinginstitute.org/" style="text-decoration: none;">Public Banking Institute</a>, and author of twelve books including the bestselling <a href="http://webofdebt.com/" style="text-decoration: none;">Web of Debt</a>. In her latest book, <a href="http://publicbanksolution.com/" style="text-decoration: none;">The Public Bank Solution</a>, she explores successful public banking models historically and globally. She is currently <a href="http://ellenbrown.com/treasurer/" style="text-decoration: none;">running for California State Treasurer</a> on a state bank platform.
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