Here in Oakland, we’ve been attending the budget meetings of all the City Councilmembers and making our case for funding the public bank feasibility study now. One of our key messages is that the city is throwing away $200,000 a day for every day we don’t have a functioning public bank. This number is based on the $70M of savings profit the bank would generate per year, which in turn is based on roughly 50% of what the Bank of North Dakota generated this year, as Oakland’s budget is about half the size of North Dakota’s
Here we are, speaking at Councilmember Kalb’s budget hearing on May 13:
Meanwhile, outside of Oakland, the Santa Fe, New Mexico City Council has voted unanimously to set up a public bank task force! All kudos to our allies at Banking on New Mexico, who made this happen.
And on May 20, at the California State Democratic Party Convention, candidate for governor Gavin Newsom gave a rallying cry for a public bank in California:
But that’s not enough. We need an econ that breaks Wall Street’s chokehold on state finance. It’s time to develop our own state bank…
— Gavin Newsom (@GavinNewsom) May 20, 2017
Oakland councilmembers: If you want to be first, you’d better get moving!