January 26, 2023
Public Banking Institute (info@publicbankinginstitute.org)
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| Updates from around the country show substantial progress in the public banking movement in the U.S. BREAKING — Massachusetts: Late last week, a new state public bank bill was introduced in both houses, sponsored by State Rep. Mike Connolly, State Rep. Antonio F. D. Cabral, and State Sen. James B. Eldridge. HD.2677 (House) and SD.1589 (Senate) incorporate recommended technical and language adjustments to the bill introduced last session (2021-22), honed through close work with the State Treasurer, CDFI leaders, and banking regulatory bodies including the Federal Reserve. Oregon: OR State Senator Jeff Golden has introduced two public banking bills. The first, introduced with State Representative Mark Gamba, HB 2763, would create a task force that would study and make recommendations for comprehensive public bank legislation to be delivered to the Assembly by Jan 31, 2024. The second, SB 501, would create a state bank. The Oregon Public Bank Alliance is supporting the task force bill and has outlined a three-year campaign for passage of a successful state bank bill. Tennessee: TN State Senator Frank Niceley is working on a bill for a state public bank on the model of the Bank of North Dakota, to be introduced by January 29. Catherine Austin Fitts, former Asst. Secretary of H.U.D., posted a favorable interview of Niceley on the bill here. East Bay: Public Bank East Bay’s Viability Study has been approved by Richmond and Oakland, including approval of valuable city staff time toward the project. PBEB advocates continue their work toward gaining commitments from other regional cities as founders and depositors, and on writing the business plan. |
