Should Arizona create a state bank? Yes! It makes good economic sense for the State of Arizona's monies to be held in a public bank.
What are the benefits of creating a bank that would hold the state's monies and handle all of its official transactions? Just think of the fees that the state is being charged for current transactions and the interest that the banks are making from the state's holdings.
Would a state bank compete with other banks? No. A state bank would complement the services of regular banks and credit unions-- not compete with them. For example, a state bank would not offer services like checking or savings accounts, credit cards, or car loans to individuals.
The Progressive Democrats of America, Tucson chapter (PDA Tucson) will be hosting an important and very interesting program on public banking in Arizona on Tuesday, February 21, 2012.
Our speaker will be Rep. John Fillmore, Rep., LD 23, which is most of Pinal County. Rep. Fillmore has been working on this issue for a long time and has recently attempted to introduce a bill into the current legislature to create the Bank of Arizona. PDA Tucson has had the opportunity to collaborate with Rep. Fillmore, and the experience has been a felicitous one for all concerned.
Although 15 states are looking into the creation of a state bank, North Dakota is the only one who has one. Here are two links about the Bank of North Dakota:
At PDA Tucson, we believe that the creation of a public bank will give us the economic driver to help all sectors of the state and truly move us out of the economic doldrums.
We also believe that this is a non-partisan issue. We are not alone in this pursuit; red states like Idaho, Vermont, and New Hampshire are moving along in this area as are blue states like Washington and California.
PDA Tucson believes that this issue is of consummate importance and would like to involve you as well as members of your organizations.
So please join us on Tuesday, February 21, 2012, Ward 1 City Council
Office, 901 W. Alameda st., Tucson, AZ, at 6:30 PM.