BMRC Proposed Platform Amendment to Part IV of Platform – # 3
The proposal was presented to our committee membership for discussion in accordance with the rules of BMRC pertaining to formal decision-making by the committee, and passed by consensus at midnight on September 11, 2019.
Banking and Monetary Reform Committee (BMRC)
Co-chairs: Howard Switzer, hmsarchitecture@gmail.com and Mary Sanderson mhsanderson@hotmail.com
Designated contact person: Rita Jacobs, rjacobs@arq.net
Chapter IV, Letter I. Banking and Insurance Reform – new paragraph to appear after paragraph 13.
There is no current language on this issue in the platform.
Proposed new paragraph to be added after paragraph 13 of Part IV, Section I. Banking and Insurance Reform:
Public Banking – We support Public Banking consistent with the ‘Greening the Dollar’ plank – that is, that the power to create money no longer resides with banks, private or public. We support the expansion of state and municipal public banking based on the model of the Bank of North Dakota, which does not create money when it lends, but lends only funds already deposited with the bank.
Comments:
While Greens support Public Banking, it is not defined or mentioned in the platform so we propose adding a numbered item to remedy this omission
Rita,
I think we should revise the proposal and take out ‘Bank of North Dakota’ becasue our research has discovered they are not so clean after all. I suggest we say instead;
We support the expansion of state and municipal public banking based on the deposit banking model, in which banks do not create money when they lend, but lend only funds already deposited with the bank.