Public Banking
by Ellen Brown
September 15, 2010

Green Party candidates Howie Hawkins and Gloria Mattera are running for Governor and Lt. Governor of New York.

Green Party candidates Howie Hawkins and Gloria Mattera are running for Governor and Lt. Governor of New York. Hawkins’ platform includes the creation of a state-owned bank in New York to ensure economic democracy for economic renewal and jobs.

ECONOMIC DEMOCRACY FOR ECONOMIC RENEWAL:

A State Bank for Democratic Direction of Investment toward Worker and Consumer Cooperatives, Democratic Public Enterprises, Affordable Mortgages, and a Sustainable Green Economy

Private Jobs: A State Bank to Finance a Sustainable Green Economy

The only way now to get the private economy moving again is to democratize the allocation of investment. New York should create a state-owned bank to target investment into the new technologies and businesses of a sustainable green economy. Public investment is the fastest way to jump-start private job creation.

The state bank would be capitalized by the deposits of state tax revenues, a portion of state pension funds, and private individuals, businesses, and pension funds that want to invest in the future of New York. This capital would then be invested in productive ventures in New York State that benefit the people. The state bank will keep the interest collected for the benefit of the people, instead of seeing that interest further enrich the same giant Wall Street banks that have preyed upon workers, homeowners, and taxpayers. The state bank would partner with local community banks and credit unions in financing new business activity. It would also refinance the mortgages of homes facing foreclosure on a reduced-principle, fixed-rate, long-term affordable basis. It should also have a technical assistance arm to develop worker and consumer cooperatives. Cooperatives are how we can own our own jobs because they locally owned, democratically controlled, and have no incentives to move jobs and capital out of state.

Howie Hawkins’ platform points are here.

Howie Hawkins’ platform point on full employment is here.