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?
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.
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.