As public banking gains momentum across the country, policymakers in California and Washington state are vying to form the nation’s second state-owned bank, following in the footsteps of the highly successful Bank of North Dakota, founded in 1919. The race is extremely close, with state bank bills now passing their first round of committee hearings in both states’ senates.
This makes so much sense that it hurts. We need this now.
So where are the big banks that killed it in Oregon 10 years ago. I would bet that they will be lobbying hard spreading their lies.
Good on California and Washington. Let’s all follow North Dakota, it is proven. WTF has been the hold up? Big Banks? Politicians paid off by big banks?
I’ve lived in Oregon for 50 years but have never heard of this. Can you tell me more? Maybe we can do it again. The Oregonian is no place to get non-corporate news so where would I look? Thanks
Credit Unions are member-owned, and they are common in northeast Iowa. We are members of a local credit union. It will be interesting to see the development of public banks.
Concurrent with (or prior to) expanding public banking beyond North Dakota US Postal Banking (PB) needs to be restored.
Low income Americans depended on Postal Banking until the best Congress money can buy terminated PB in 1967, thereby launching the payday lending industry that had never previously existed.
Here’s an article on it from 2017. https://nextcity.org/daily/entry/portland-public-banking
They’re reviving the movement. You can write to info@PublicBankingInstitute.org to find out details.
Jessejean, The Working Family Party got me to a meeting and there were state reps at it and there was a movement but it was shut down by big banks before it could get lots of movement. I’ve tried to find out what happened more specifically to no avail and I tried to find out if there was any new movement but that has been probably four years ago.
Maybe there is now. I’ve only contacted my state reps once or twice and never heard back from them. I should be more vocal and demand reponses. So much, too much, I get slowed down too easily.
Love to get a state bank and this article gave me hope, should try again.
Thank you, Julie, for this info. I too am slow to get going on these things but every little bit helps, right? My state rep has old folks meetings a lot, maybe I’ll go to one and ask about it. I’m a credit union believer right now, but that does mean we can’t have a state bank too. Thanks again.