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At issue is while "Wall Street is (thriving), local banks are floundering, credit for small businesses and consumers remains tight, and local governments are teetering on bankruptcy." Congress is even considering new legislation to let states do it as a way to avoid pension and other obligations. Yet, according to what's known, the Fed gave giant banks $12.3 trillion dollars, providing nothing for strapped states, local communities, and beleaguered households struggling to stay afloat.
North Dakota avoids economic hardships. So can other states and communities with publicly owned banks. It's not rocket science. It's simple. That's its beauty, and what works for North Dakota can work anywhere. Size isn't the issue. Policy is.
As a result, momentum's slowly building for change, in Illinois, for example, on February 5, 2011 where Rep. Mary Flowers introduced the Community Bank of Illinois Act. It:
"Provides that the Department of Financial and Professional Regulation shall operate the Community Bank of Illinois. Specifies the authority of the advisory board of directors to the Bank. Provides that the Secretary is to employ a president and employees. Contains provisions concerning the removal and discharge of appointees. Provides that State funds must be deposited in the Bank. Contains provisions concerning the nonliability of officers and sureties after deposit. Specifies the powers of the Bank."
"Contains provisions concerning the guaranty of deposits and the Bank's role as a clearinghouse, the authorization of loans (to) the General Revenue Fund, bank loans to farmers, limitations on the loans by the Bank, the name in which business is conducted and titles taken, civil actions, surety on appeal, audits, electronic fund transfer systems, confidentiality of bank records, the sale and leasing of acquired agricultural real estate, and the illinois higher education savings plan."
"Provides that the Bank is the custodian of securities. Amends the Illinois State Auditing Act to require that the Auditor General must contract with an independent certified accounting firm for an annual audit of the Community Bank of Illinois as provided in the Community Bank of Illinois Act. Amends the Eminent Domain Act to allow the Bank to acquire property by eminent domain."
In California, on February 17, 2011, Assembly Member Ben Hueso introduced AB 750 (as amended March 31, 2011), "Finance: investment trust blue ribbon task force."
Besides other provisions:
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