Washington State Joins the Movement for Public Banking

[marmar]

from YES Magazine:




Washington State Joins the Movement for Public Banking
The legislature will consider whether to move its funds from Bank of America to a publicly owned bank that would keep the state's money working locally.

by Ellen Brown
posted Jan 24, 2011


Bills were introduced on January 18 in both the House and Senate of the Washington State Legislature that add Washington to the growing number of states now actively moving to create public banking facilities.

The bills, House Bill 1320 and Senate Bill 5238, propose creation of a Washington Investment Trust (WIT) to “promote agriculture, education, community development, economic development, housing, and industry” by using “the resources of the people of Washington State within the state.”

Currently, all the state’s funds are deposited with Bank of America. HB 1320 proposes that, in the future, “all state funds be deposited in the Washington Investment Trust and be guaranteed by the state and used to promote the common good and public benefit of all the people and their businesses within state.”

The legislation is similar to that now being studied or proposed in states including Illinois, Virginia, Hawaii, Massachusetts, Maryland, Florida, Michigan, Oregon, California and others. ............(more)

The complete piece is at: http://www.yesmagazine.org/new-economy/washington-state-joins-movement-for-public-banking

[Drale]

1. I've been saying for years we need a national bank

it would force the private banks to play fair and it would give the people a real choice. Although I have to say, I really like my bank, its a small bank that doesn't really charge any extra fees like BoA does.

[DCKit]

2. Ouch! That's going to leave a mark.

That's a serious chunk of liquidity to be injected into a local market.

BoA's not going to like this: The managers of the Wall St. casino might cut 'em off.

[Andy823]

3. A great idea.

I live in Washington state, and would really like to see this come to be. If we don't do something we will all be looking at only a handful of "big banks" running everything, and that's not a good idea at all!

[dixiegrrrrl]

4. YES!!!!!!!!!!!!!!!

:bounce: :bounce: :bounce: :bounce:

[loudsue]

5. This is a GREAT idea!! n/t

:kick:

[freeplessinseattle]

6. Very cool, thanks for the info n/t

[Karenina]

7. It's about time.