Discussions Begin in Philadelphia on Public Banking - an End to Wall Street's Monopoly?

The potential for public banks to rescue and revitalize American cities,
towns and states will be discussed at the first national public banking
conference getting underway in Philadelphia, PA on Friday, April 27th.
Municipal, county and state officials from around the country will discuss a
new strategy that would move public moneys currently managed by Wall Street
banks into banks that are publicly owned and operated in the public
interest.

Themed "Public Banking in America - Democratizing Money,"
(www.publicbankinginamerica.org) the conference is being held by the
non-profit, non-partisan Public Banking Institute.   Seventeen states are
currently in legislative discussions about adoption of various forms of the
public banking model.

Legislators, municipal officials, bankers, monetary experts, academics and
activists will review a new program called "Move OUR Money"
(www.moveOURmoney.net) in which moneys collected by municipal, county or
state operations are retained by local public banks built on the model of
the highly successful Bank of North Dakota, which has been immune to the
financial crises of recent years while featuring a significant state budget
surplus.

"Wall Street banks have taken almost complete control of America's economy
and we've given them the money to do it with tax dollars that could be used
for the public interest through local public banks" says Mike Krauss,
chairman of the Pennsylvania Project (www.papublicbankproject.org).  "Over a
trillion dollars could be available for Main Street if we stop giving Wall
Street our money."

The "Move OUR Money" campaign will get underway at this week's conference
with legislative leaders discussing the options public banks provide
communities.  Public banks are owned by the people rather than private
investors and support community banks by partnering public monies for local
concerns, including lower costs for civic projects and significantly more
credit for local businesses.

The conference's Philadelphia location was inspired by the successful use of
the local "Continental" currency, embraced by the Quakers, which produced a
stable and productive local economy.  It was England's demand that this
currency be eliminated as legal tender that Ben Franklin said was a primary
motivator for the American Revolution.

The Public Banking in America conference will be held at the Friends Center
at 15th and Race Street.  Live streaming of discussions is available at:
http://www.ustream.tv/channel/publicbanking

"Democratizing Money - Return to Prosperity" Focus of Inaugural Public Banking in America Conference

In the wake of rising public anger at Wall Street abuses and a dramatically
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
authors.

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
capabilities.

"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.

_ _ _ _ _ _ _ _ _ _

For more information on the conference or PBI, visit:
www.publicbankinginamerica.org <http://www.publicbankinginamerica.org/>
and  www.publicbankinginstitute.org <http://www.publicbankinginstitute.org/>


Contact:  Marc Armstrong, Public Banking Institute  707/343.6334
marc@publicbankinginstitute.org