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Governor-Elect Names Prominent Banker and Public Banking Advocate to Transition Team

She was the founding vice president of the Rainbow Coalition, Founder of Philadelphia's first Black-owned bank, and considered "a trailblazer in African-American commerce," Emma C. Chappell may be the most historically prominent person in the contemporary public banking movement. Now she helps launch a new effort as a transitional adviser to Pennsylvania governor-elect Tom Wolf.

Chappell, the renowned pioneer of United Bank of Philadelphia and Board Advisor to the Pennsylvania Public Bank Project, has been selected to serve Governor-elect Wolf's transition review team focused on banking. She joins other statewide banking notables to assist the new Governor in addressing the status of the state banking industry and identifying opportunities for his new banking department management.

Working since 2013 with the Pennsylvania Project, a non-profit, non-partisan effort to create publicly-owned partnership banks across the state, Chappell has helped introduce state and local bankers and municipal leaders to the strengths of publicly-owned banks in addressing chronic funding shortages within municipalities. Public banks can provide new sources of funding for public objectives from existing community assets and sidestep the high costs of dealing with Wall Street banks,potentially saving hundreds of millions of dollars in public money while stimulating local businesses and expanding public services.

Chappell became the first female vice president of a major bank in Pennsylvania in 1977 at Continental Bank, and is featured on the web site "Black Entrepreneurs," which discusses her efforts to raise capital within the African-American community to finance United Bank in the 1990s.

Chappell has also taken several turns on the national political stage as treasurer of the Reverend Jesse Jackson's 1984 Presidential campaign and as founder of Operation PUSH, an organization dedicated to financial equity for minority groups.

Ms. Chappell is a life-long resident of Philadelphia, has received several honorary doctorate degrees and was named one of the area's 10 most influential African-Americans.

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WSJ: Bank of North Dakota outperforms Wall Street!

While 49 state treasuries were submerged in red ink after the 2008 financial crash, one state's bank outperformed all others and actually launched an economy-shifting new industry. So reports the Wall Street Journal this week, discussing the Bank of North Dakota (BND) and its striking success in the midst of a national financial collapse led by the major banks. Chester Dawson begins his November 16th article:

Read the entire article here.

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Can Public Banking Spur Economic Growth in Southern Arizona?

Tucson is one of the most impoverished cities in the country—for many reasons. The Arizona Legislature—driven by the American Legislative Exchange Council (ALEC) and short-sighted, "small government" ideology—has routinely swept funds earmarked for counties and cities to "balance" the state's budget or fund pet projects like lower corporate taxes.

Read entire article here.

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City moving forward with study on public bank

The idea of creating a public bank in Santa Fe is gaining traction.

The city is seeking someone qualified to study the feasibility of establishing a publicly owned bank that would help finance public projects, provide better returns on taxpayer investments and reduce the risk of public funds in existing financial markets.

 

Read the entire article here.

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It’s Our Money with Ellen Brown – A State-Owned Bank of Wisconsin?

Despite recent years of corrosive state politics, Wisconsin voters may soon create a new way forward by electing a public banking advocate as State Treasurer. Madison attorney David Leeper has made creating a state-owned public bank his centerpiece with an urgent sense of purpose. Ellen talks with him about his perspectives and later, on the Public Banking Report, with two prominent bankers and co-host Walt McRee about underlying bank dynamics that support the public bank option.

Listen to the entire show here.

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