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.)
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.
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.