Frequently Asked Questions
Benefits For Cities and Municipalities Of a Public Bank
Planning for a Public Bank
How safe are deposits in TBTF banks?
Local governments, however, could resort to tactics such as eminent domain if the federal government won't do anything.
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Mayor Javier Gonzales wants to study the feasibility of creating a public bank in Santa Fe to grow the local economy by keeping taxpayer money in the city.
Gonzales, who talked about the idea on the campaign trail, organized a presentation Tuesday for city councilors and others to understand the basics of public banking, which leverages a government's assets to stimulate investment in the community. Examples of public banking include offering low-interest loans to local businesses or low-cost financing for public projects, such as housing and infrastructure.
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On June 11, Goldman Sachs agreed to pay $67m to settle a suit charging the firm and others with colluding to drive down the price of takeovers.
For another firm, paying out tens of millions of dollars to resolve allegations of collusion might provoke an existential crisis. Not for Goldman. The firm did not admit to any wrongdoing and said in a statement: "We're pleased to put the matter behind us."
By David Kerans
WASHINGTON (VR)—The success of corporations and the rich at avoiding and evading taxation over the last few decades goes far to explaining why America continues to lose ground regarding the condition and sophistication of its physical infrastructure. But the public sector's reliance on the banking sector to finance infrastructure projects effectively doubles the cost of these projects.
Public banks are capitalized with public funds and can hold state and municipal deposits safely away from the gamblers on Wall Street.