Seattle City Councilman Nick Licata,
State Senator Bob Hasegawa,
Gwen Hallsmith of the Public Banking Institute,
the Seattle Public Bank Coalition,
and experts in public banking for a
public forum on
A Municipal Bank for Seattle
Dec 10 at 7pm
University Methodist Church, 1415 NE 43rd St, Seattle
Seattle could have a public bank for public lending. Once the city capitalizes the bank, it can act like any bank by creating loans for local needs.
1. Public banks can lend for local needs at rates that the global Wall Street banks are unlikely to find attractive.
2. A public bank can reduce a cityâ€™s reliance on expensive private bond issuance, reducing the costs of capital projects by 30-40%.
3. A city government can finance its projects through its own bank. The city earns interest, making more projects possible or lowering the tax burden.
4. A public bank as it grows, can partner with community banks and credit unions to support small business with lending at reasonable rates.
We are all too aware of the misery wrought upon ordinary citizens by an under-regulated and out of control financial sector. After years of deregulation the banking system is no better than it was preceding the Great Recession. That reason alone is enough to bring some sanity to our financial sector through public banking.