Public Banking: Pro Taxpayer, Pro Jobs and Pro Prosperity
While public banking holds more than forty percent of the banking market world wide and helped Brazil, Russian, India, China, Japan, Germany and other nations escape the 2008 collapse of Wall Street and U.S. and English banks, the concept has been unknown in the U.S. in recent times – except for the almost 100 year old Bank of North Dakota, which has been an engine of economic prosperity for that state.
While virtually all other states and cities nation wide suffered the ravages of the 2008 Wall Street collapse and the recession it set off, North Dakota went right on posting budget surpluses, rising incomes and the nation’s lowest unemployment – 2 percent !!
The key has been sustained and affordable credit to stimulate locally directed economic development: new ideas, new technologies, job creation, strong local banks and sound municipal finances.
That is what public banking is all about.
Through partnerships with community banks, credit unions, savings and loans, municipal authorities and development agencies, public banks inject sustainable and affordable credit into local economies: for business start up and expansion, farmers, students, home buyers and home builders, economic development, infrastructure, assistance to municipalities and jobs.
Our vision is a Pennsylvania and America of broad and equitably shared opportunity, economic mobility, prosperity and a strong middle class – the historic foundation of healthy democracies.
Our goal is creation of partnership banks - often referred to as “public” banks – in the Commonwealth of Pennsylvania, at the state, county or municipal level, to take back control of our money and public credit and use it to power widespread and locally directed investment in economic development, jobs creation and sources of non tax revenue to support vital public services.
The creation of public banks in Pennsylvania is a declaration of economic independence from Washington and Wall Street.
HELP PUT PENNSYLVANIA ON THE MAP !!
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