Bellingham City Council To Support Public Banking

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• Topics: Bellingham,

At its final meeting of the year on 16 December 2019, the Bellingham City Council’s Committee of the Whole agreed unanimously to create a resolution in support of public banking in Washington state. After a presentation (video here) on the topic by state Senator Bob Hasegawa of Seattle’s 11th District, and a round of questions and answers, the council moved to have staff create a draft resolution outlining support of a public bank and the advantages to the city by having such a bank at the state level. The draft will be taken up by the City Council in 2020 with two new council members, at least one of whom, Lisa Anderson (Ward 5), has already signaled her support for the concept of public banking.

Sen Hasegawa appeared in Whatcom County three times in 2019 (Bellingham City Council, Whatcom County Council, and the Bellingham City Club) to inform the governments and the public of the tremendous benefits that accrue from having a public bank. One of those benefits is returning earnings on government held monies back to the cities, counties, and states rather than into the coffers of private bankers. Public banks also allow public monies to be leveraged, as is done in commercial banking, but with public banking it is leveraged for the good of the people and common projects such as transportation, infrastructure, schools, low income housing and the like.

It has only been two years, a relatively short time in legislative terms, since I brought the idea of public banking to council member Michael Lilliquist who was skeptical at first but later embraced the idea. Upon the appointment of Hannah Stone to fill the vacancy in the at-large position, I spoke to her about public banks and suggested inviting Sen Hasegawa to discuss public banking in Washington state and his decade-long campaign to have a bill authorizing such a bank. Ms Stone, then on the council’s finance committee, was helpful in the process of arranging Sen Hasegawa’s appearance before the council.

Stay tuned for more on public banking and Bellingham City Council’s efforts to support a public banking bill in Olympia.

About Dick Conoboy

Citizen Journalist and Editor • Member since Jan 26, 2008

Dick Conoboy is a recovering civilian federal worker and military officer who was offered and accepted an all-expense paid, one year trip to Vietnam in 1968. He is a former Army [...]

Comments by Readers

Christopher S Hudson

Jan 11, 2020

This is good news. The benefits to citizens of Public Banking is underreported due to ignorance and laziness on the part of the MSM. This MSM attitude is a shallow preconception which has it’s basis in neoliberal ideology which believes; “...all financial activities must grow profits to the benefit of the owners.” AKA the giant banks we all bailed out at great expense in 2008.

It seems people think of Public Banking as some sort of welfare… It’s actually wresting control of our “money commons” away from the Vampire Squids like JP Morgan and the rest of those monsters.

Washington State citizens should be in charge of how our money is managed in order to benefit our Commons. It’s common sense.

 

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Dick Conoboy

Jan 11, 2020

 Christopher,

Thanks.  What does MSM stand for?

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Christopher S Hudson

Jan 11, 2020

MainStreamMedia

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Dick Conoboy

Jan 11, 2020

Christopher,

Thanks.  Gotta help out guys like me who were in the Army.  MSM is the Meritorious Service Medal.  My brain is stuck on that.  :-)

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Christopher S Hudson

Jan 11, 2020

Funny. In the early 70’s when I hitchiked around the Northeast I might get asked by the driver, when I told ‘em I was a “CO” they thought it was “Commanding Officer”. Nope.

Conscientious Objector.

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