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.
Is it time for state governments to move their money?
Across the US, millions of dollars of taxpayer funds are held in big commercial banks and invested on Wall Street. If Arizona had a public bank, the state’s rainy day funds would be held and invested in Arizona.
Local investment of state funds translates into jobs and a stronger economy. An Arizona public bank could create jobs by investing in public works projects, can boost entrepreneurship by backing small business loans through community banks, can 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?
Why does Arizona need a public bank?
- Maybe it’s because Arizona has a crumbling infrastructure and “no money” to fix roads, bridges, and public buildings?
- Maybe it’s because Arizona’s entrepreneurs can’t get the capital they need to grow and innovate?
- Maybe it’s because cities and towns are strapped for cash and have have to sell bonds and pay high fees in order to get credit?
- Maybe it’s because Arizona has the 3rd lowest credit rating in the US, making borrowing extremely expensive?
- Maybe it’s because Arizona is among the 10 worst states in the country for home foreclosures?
- Maybe it’s because 10 Arizona banks have failed in the last few years?
- Maybe it’s because university tuition continues to increase, pricing young Arizonans out of the market for higher education?
The answer is, of course, all of the above and more.
Come to the January 23, 2014 meeting of Progressive Democrats of America (PDA) Tucson Chapter to learn how public banking can build Arizona’s economy and benefit Arizona’s citizens. Jim Hannley and Pamela Powers Hannley, newly appointed co-chairs of the Arizona Public Banking Coalition, will discuss the benefits public banking and what it would take to create a public bank in our state. Arizona’s public banking initiative grew out of PDA Tucson’s Economic and Social Justice Issue Organizing Team, which is chaired by Hannley.
Special guest Tucson Councilwoman Karin Uhlich will describe the City of Tucson’s Move Your Money pilot project. In 2013, the City Council moved $5 million of the City’s rainy day fund from a big commercial bank to a community bank to encourage local business development.
PDA Tucson Chair Phil Lopes will update attendees on other progressive activities and issues. February 2014 marks PDA Tucson’s third anniversary.
What: PDA Tucson General Membership Meeting
Where: Ward 6 Office, 3202 E. 1st St., in midtown.
When: January 23, doors open at 6:30 p.m., program starts at 7 p.m.