Left Coast Podcast E024: HELL'S MANCALA // PUBLIC BANK LA

Democratic Socialists of America LA's Josh Androsky interviews Public Bank LA's Legislative Director Dave Jette for Left Coast Podcast. Dave explains why most of the money in the world is invisible and why municipalities like LA should divest from private banks and instead create publicly funded banks, controlled by the residents of the city it serves.

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A Tale of Two Cities: Can the Public Banking Movement Learn How to Fight?

By: Matt Stannard, Occupy.com. Matt talks with Trinity Tran and Phoenix Goodman in his latest article for Occupy.com. This is Part 5 of a 10-part series on public banking and economic justice.

In 2014, then-Santa Fe Mayor Javier Gonzales recognized that poverty and shrinking city budgets were problems that needed out-of-the-box solutions. Deeply concerned with inequality, Gonzales welcomed a discussion about public banking and even participated in a conference featuring leading figures in the movement. He later cheered on his Santa Fe City Council’s approvalof a feasibility study that concluded that a city-owned bank would have an impact of millions of dollars a year in savings and investment potential for the city.

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Gov. Murphy's team launches NJ State Public Bank bill into legislature

Posted by Public Banking Institute. Trailblazer New Jersey Governor Phil Murphy wastes no time. Directly following his swearing in last week, State Senators Nia Gill and Richard Codey introduced the State Bank of New Jersey Act at the beginning of the legislative session.

According to Politico: "Under the Codey-Gill proposal, all public entities in New Jersey would be able to use the state-run bank. It would provide transportation project loans, student loans, small business loans and be able to purchase mortgages from commercial banks. The bank would also be able to purchase, lease and construct buildings, and would even have the power of eminent domain. And it would be able to buy and sell federal funds."

The bill sets up a 13-member board of directors to govern the bank. The board would appoint a president and determine his or her salary. Six of the directors would be appointed by the governor, including four with respective experience in banking administration, credit union administration, consumer financial advocacy and public administration. Two picks would be recommended by the Senate president, two by the Assembly speaker, and one each by the Assembly and Senate minority leaders. The state treasurer would serve as the 13th member.

The state auditor would be required to hire an independent financial firm to examine the bank once a year and to prepare a report.

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Housing, battling racism and a municipal bank top agenda for L.A. council president

By Emily Alpert Reyes, LA Times. Los Angeles should explore whether to create a municipal bank that would finance affordable housing and throw its doors open to the cannabis industry, City Council President Herb Wesson said Tuesday.

Wesson tossed out the idea as part of a sweeping speech that set out his agenda for his final term. In addition to the bank, Wesson said L.A. must take new and innovative steps to battle racism, protect immigrants and build more affordable housing.

“When our grandchildren tell stories of us, what will they say? Will they say we were brave?” asked Wesson, who recently was reelected as council president. “When the history books remember us, will they say that we did everything within our power to improve the lives of the people we represent?”

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Is 2018 the Year of the Public Bank in America?

By Aaron Fernando, The Progressive. The Progressive Magazine talks with Phoenix Goodman and Trinity Tran of Revolution LA/ Divest LA/ Public Bank LA and Walt McRee of the Public Banking Institute on the rising public banking movement.

2018 could be a turning point in the way banking is done in America. The creation of publicly owned banks could save the public millions in fees and interest each year, lead to improved financial infrastructure, and drastically reduce the cost of public projects. In recent months, more than a dozen American cities and states have been exploring the idea of transferring their accounts from private banks into banks of their own.

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Los Angeles County Democratic Party Passes Public Banking Resolution

On April 10, 2018, the Los Angeles County Democratic Party (LACDP) unanimously voted to endorse the Public Bank of Los Angeles, taking a position in favor of socially and environmentally responsible, state-chartered public banks. The resolution is a significant milestone for the public banking movement, as the LACDP represents over 2.4 million registered Democrats.

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Regulation Is Killing Community Banks Public Banks Can Revive Them

By Ellen Brown, Public Banking Institute. Crushing regulations are driving small banks to sell out to the megabanks, a consolidation process that appears to be intentional. Publicly-owned banks can help avoid that trend and keep credit flowing in local economies.

At his confirmation hearing in January 2017, Treasury Secretary Stephen Mnuchin said, “regulation is killing community banks.” If the process is not reversed, he warned, we could “end up in a world where we have four big banks in this country.” That would be bad for both jobs and the economy. “I think that we all appreciate the engine of growth is with small and medium-sized businesses,” said Mnuchin. “We’re losing the ability for small and medium-sized banks to make good loans to small and medium-sized businesses in the community, where they understand those credit risks better than anybody else.

The number of US banks with assets under $100 million dropped from 13,000 in 1995 to under 1,900 in 2014. The regulatory burden imposed by the 2010 Dodd-Frank Act exacerbated this trend, with community banks losing market share at double the rate during the four years after 2010 as in the four years before. But the number had already dropped to only 2,625 in 2010.  What happened between 1995 and 2010?

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The New New Deal w/ Phoenix Goodman

WE REBEL speaks with Phoenix Goodman, the Co-Founder of Revolution LA, Public Bank LA, and Divest LA. He outlines how a regional public banking systems could leverage deposits, loan money, and reinvest in local infrastructure, businesses, and communities.

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The Savings and Stability of Public Banking

By Ralph Nader, Common Dreams. As a society obsessed by money, we pay a gigantic price for not educating high school and college students about money and banking.

The ways of the giant global banks – both commercial and investment operations – are as mysterious as they are damaging to the people. Big banks use the Federal Reserve to maximize their influence and profits. The federal Freedom of Information Act provides an exemption for matters that are “contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions.” This exemption allows financial institutions to wallow in secrecy. Financial institutions are so influential in Congress that Senator Durbin (D, IL) says “[The banks] frankly own this place.”

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The Ultimate Cash Crop

By: David Dayen, The New Republic. David talks to Dave Jette of Public Bank LA and Walt McRee of the Public Banking Institute on finance moving from blind profit to solving actual public needs.The Ultimate Cash Crop - How a pot crisis restarted a conversation about public banking in America.

In January, days after Californians were first allowed to buy recreational marijuana in the state, Attorney General Jeff Sessions issued a memo to federal prosecutors instructing them not to shy away from enforcing federal pot laws. “Marijuana is a dangerous drug,” Sessions wrote. “Marijuana activity is a serious crime.”

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