To: President Donald Trump
Federal Incentives for State and Local Government Owned Banks
We petition President Obama and congressional leaders to provide federal incentives for state and local governments to set up and own banks.
This incentive should be in the form of a long term no interest loan, equal to 10 times the population of the jurisdiction. Repayment would begin once the state or local bank has assets equal to 10 times the initial loan and would amount to 10 percent of the banks profit for that year. Amount to be repaid is twice the loan.
We envision a network of sustainable state and local publicly owned banks that create affordable credit, as a counter balance to the current high cost, unsustainable, high-risk, centralized private banking system. This network of public banks will provide affordable credit to local communities and private banks. This will create more and stronger local banks. It will enable communities to develop their economies and create well-paying jobs and provide the livelihoods needed for working families.
Localization of credit is key to restoring the financial security that our communities and middle class need and once enjoyed – and to providing communities new tools to address economic, racial, and social inequities.
The rational for public banking is set forth at these web sites:
http://www.publicbankingcoalition.org/home.htm
http://publicbanking.wordpress.com/take-action/
This incentive should be in the form of a long term no interest loan, equal to 10 times the population of the jurisdiction. Repayment would begin once the state or local bank has assets equal to 10 times the initial loan and would amount to 10 percent of the banks profit for that year. Amount to be repaid is twice the loan.
We envision a network of sustainable state and local publicly owned banks that create affordable credit, as a counter balance to the current high cost, unsustainable, high-risk, centralized private banking system. This network of public banks will provide affordable credit to local communities and private banks. This will create more and stronger local banks. It will enable communities to develop their economies and create well-paying jobs and provide the livelihoods needed for working families.
Localization of credit is key to restoring the financial security that our communities and middle class need and once enjoyed – and to providing communities new tools to address economic, racial, and social inequities.
The rational for public banking is set forth at these web sites:
http://www.publicbankingcoalition.org/home.htm
http://publicbanking.wordpress.com/take-action/
Why is this important?
We envision a network of sustainable state and local publicly owned banks that create affordable credit, as a counter balance to the current high cost, unsustainable, high-risk, centralized private banking system.