Another up front revolt against the Federal Reserve and monopoly mega banks.- CEC
The state of Alaska joins Michigan and New Jersey in the growing circle of states formally working to establish a Public Bank as Rep Chris Tuck and Rep Scott Kawasaki introduce HB 376. The bill has been referred to the Labor and Commerce, and Finance Committees.
Juneau – Representatives Scott Kawasaki (D-Fairbanks) and Chris Tuck (D-Anchorage) have filed legislation to create a state bank as a public corporation of the State of Alaska. The Bank of Alaska would create new avenues for long-term economic growth by granting loans to Alaskan-owned businesses and emerging industries.
“A state bank would offer Alaskans new opportunities to invest in themselves,” said Rep. Kawasaki. “Too many Alaskans who have the dream, desire and drive are denied bank loans and cannot access credit. This bank can help Alaskans build their own local business.”
Profit from Bank of Alaska loans would be deposited into the general fund annually and would be available to be reinvested in the bank with a vote from the Alaska Legislature. The Bank of Alaska would be able to raise revenue while helping Alaskans develop and improve their small businesses.
“A state bank will allow us to control our own economic destiny by investing in industrial development to create value-added industries from our resources,” said Rep. Tuck. “This will create physical wealth for our state and insulate us from the swings of the banking markets, which can hinder us from necessary development.”
ED CEC- The public banking movement has been initiated by several states and major cities each trying to become the second publicly owned bank in the USA. Alaskan’s brave effort will be cleverly and forcefully opposed by international banking powers, who tried but were unable to stop the State Bank of North Dakota in 1913. Its is now a fixture, making affordable loans to farmers businesses and N.D. students. (I hope you will read our links on public banking)