PBI Newsletter, 0911 - A Swing and a Miss in CA
On Monday, California Governor Jerry Brown returned AB 750 to its sponsor, Representative Ben Hueso (D-79), with the following message:
To the Members of the California State Assembly:
I am returning Assembly Bill 750 without my signature.
This bill would mandate yet another “blue ribbon” task force: in this case to examine whether California should establish a state bank.
This is a matter well within the jurisdiction and competence of the Assembly and Senate Banking Committees.
Rather than creating a new entity, let’s use the resources we have.
Sincerely,
Edmund G. Brown Jr.
At least he didn’t say no to a state bank! Part of the platform on which Brown ran was to curtail the formation of commissions and panels, among other measures designed to tame the state’s budget crisis, so we should not be surprised by his veto. Study commissions are said to be where bills go to die.
In fact, we are taking Brown’s note as a call to action. We are currently organizing an effort to produce a bill that would create, not just a study committee, but a state- owned bank, something the world’s eighth-largest economy needs and should have.
Look for more information as this effort evolves.
On a more philosophical level, in this month’s newsletter Ann Tulintseff examines an often confusing subject, “Wealth versus Money,” while Ira Dember contemplates the vision of public banking.
And thanks again for your support of our latest video (see “Taking Control of Our Money” link above). In the first seven days after publishing, we received over 3,000 hits on YouTube. Let’s keep this rolling!
Robert Bows
PBI Newsletter Editor
Public Banking Institute
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