increasing gap between the wealthy and a struggling middle class devastated
by Wall Street's collapse, the nation's first Public Banking in America
Conference will focus attention on a strategic plan to democratize control
of public monies through a network of state and municipal public banks.
The Public Banking Institute (PBI) sponsored conference takes place April 27& 28 at the Quaker Friends Center in Philadelphia and will feature noted
national and international monetary and banking policy advisors and leaders,
public officials, community bankers, civic organizations, unions, and
Public banking legislation is now before seventeen state legislatures and a
growing number of municipal and county elected officials. According to PBI
Chairman Ellen Brown, much of the legislation draws on the 93-year success
of the Bank of North Dakota (BND) - the only statewide public bank in the
U.S. to date - and reflects concerns shared by lawmakers across the nation.
Brown is the author of the best-selling Web of Debt. Her articles on
American and global banking systems are published widely in the US and
abroad and she is a frequent contributor to print and broadcast media.
"From Vermont to Hawaii, legislators are looking for ways to strengthen
community banks, create sustained and affordable credit for economic
development and jobs, generate non-tax revenues, and take control of state
and municipal finance back from out-of-state mega banks," said Brown.
Brown pointed to the partnership between the BND and North Dakota community
banks, credit unions, and savings and loans as a model that other states and
municipalities can adapt to their local markets and economies. By serving
its mission to stimulate growth and stability within the state, the BND has
been pivotal in driving the state's budget surplus and enviable financial
"The nationwide failure to deal effectively with home foreclosures, to
stimulate local economic development, to address collapsing tax revenue and
drastic cuts in vital services, crumbling infrastructure, and lack of jobs
are key issues that most lawmakers cite when they indicate an interest in
public banking," noted Brown.
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For more information on the conference or PBI, visit:
and www.publicbankinginstitute.org <http://www.
Contact: Marc Armstrong, Public Banking Institute 707/343.6334