A PUBLIC BANK FOR ARIZONA?

 A PUBLIC BANK FOR ARIZONA?

 

How public banking can build Arizona’s

economy and benefit Arizona’s citizens.

Monday, December 8, 2014, 6:00 pm – 8:00 pm

Doors open at 5:30 pm. The meeting will begin promptly at 6:00 pm.

Joel D. Valdez Main Library, Lower Level Meeting Room,

101 N. Stone, (free lower level parking off Alameda St.)

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Following the Wall Street crash and the housing market collapse a few years ago, the Move Your Money campaign encouraged millions of Americans to take their money out of big commercial banks and hold the funds locally in credit unions and community banks.  In 2013, the Tucson City Council emulated the Move Our Money campaign by moving $5 million of the City’s rainy day fund from a big commercial bank to a community bank to encourage local business development–an action that spurred $9 million in loans to 16 local small businesses.  In May, 2014, the City Finance Department reported to the Mayor and Council that the program could be expanded to $10M.

Across the U.S., millions of dollars of taxpayer funds are held in big commercial banks such as Wells Fargo and Bank of America, and invested on Wall Street.  What if Arizona had a state-owned public bank—similar to the one in North Dakota—and the state’s rainy day funds were held and invested in Arizona?

Local investment of state funds would translate into jobs and a stronger economy…How? An Arizona public bank could create jobs by investing in public works projects; could boost entrepreneurship by backing small business loans through community banks; could build our state’s future by helping finance college loans—and much more.

Isn’t it time that Arizona invested in Arizona—instead of Wall Street?

Here are a few reasons why Arizona could use a public bank:

  • Arizona has a crumbling infrastructure and “no money” to fix roads, bridges, and public buildings.
  • Arizona’s entrepreneurs can’t get the capital they need to grow and innovate.
  • Cities and towns are strapped for cash and have to sell bonds and pay high fees in order to get credit.
  • Arizona has the 3rd lowest credit rating in the U.S., making borrowing extremely expensive.
  • Arizona is among the 10 worst states in the country for home foreclosures.
  • 10 Arizona banks have failed in the last few years.
  • University tuition continues to increase, pricing young Arizonans out of the market for higher education.

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Come to our next Sustainable Tucson public meeting on December 8, 2014 to learn more about alternative economic strategies such as public banking from our four presenters:

Jim Hannley and Pamela Powers Hannley, newly appointed co-directors of Arizonans for a New Economy, will discuss the benefits of public banking and what it would take to create a public bank in our state.

Silvia Amparano, City of Tucson Finance Director – Speaking about the Community Banking Program

Phil Lopes, Legislative District 27 – Addressing legislative strategies for a state-owned bank

Someone from Karin Uhlich’s Ward 3 office has been invited to give us background and updates on the moving of $5M of Tucson’s rainy-day fund into an Arizona-based community bank and how that helped fund 16 small, local businesses.

 

Last chance for meaningful climate change mitigation? – City-Utility Partnerships

The most recent Greenhouse Gas Inventory (2012) for our region has recently been released, showing a slight decrease since its peak in 2010. Nationally, this same trend is attributed to reduced emissions from electricity generation, improvements in energy efficiencies, reduction in travel and yearly fluctuation in prevailing weather conditions. For the Tucson region the two largest sources of GHG emissions are Electricity (63%) and Gasoline (22%).

Meanwhile, the latest AR5 Intergovernmental Panel on Climate Change report is endorsing a “carbon budget” or limit to how much carbon can be put into the atmosphere. Given current rates of fossil fuel burning, we will burn through that budget by 2040. And even if we do transition to a zero-carbon culture by that time we will only have a 50/50 chance of stabilizing a 2 degree C rise in temperatures.

To date the planet is experiencing less than a 1 degree rise, producing changes outside “normal” including increasing temperatures, decreasing water supply, increasing health and social problems, increasing intensity of wildfires and flooding, and greater demands on our infrastructure including electricity production and mobility. If we put 2 and 2 together, the climate change picture is definitely not pretty – the challenge huge and “solution” – imperative.

Minneapolis just reached a milestone agreement to partner with their electricity utility to reach their goals to reduce carbon emissions 80% by 2050.

http://www.midwestenergynews.com/2014/10/17/minneapolis-utility-fight-ends-with-unique-clean-energy-deal/

Could Tucson do the same? What would it take? Where will leadership come from?

Join Sustainable Tucson’s public meeting to find out more about the latest GHG inventory and the potential to leave future Tucsonans with a habitable climate and sustainable future.

Speakers will include:

Suzanne Cotty, Senior Air Quality Planner and report author

Tucson Electric Power Co representative: invited

Come to Sustainable Tucson’s November 10th meeting to find out more.

Doors open at 5:30 pm. The meeting will begin promptly at 6:00 pm.

Joel D. Valdez Main Library, Lower Level Meeting Room,

101 N. Stone, (free lower level parking off Alameda St.)