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Posted by on in Pennsylvania News
Solidarity, PA

The first thing you notice about Reading, Pennsylvania, the small city that lies an hour and a half north of Philadelphia, is its many parks and muscular civic buildings. Mount Penn anchors the east of the city with a steeply landscaped park and a historic district of graceful homes. The Blue Mountains rise in the distance. 

 

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Luzerne County Exploring Creation of County-Owned Bank

The prospect of starting a county-owned bank generated contentious debate during the Luzerne County Council meeting Tuesday night, with several members of the public questioning its feasibility.

Council Vice Chairman Edd Brominski has suggested creating a public bank to alleviate the county's massive debt. He hosted a breakfast seminar Monday morning in which Mike Krauss, a director of the Public Banking Institute, said such a facility could help reduce government debt and slash interest rates while keeping county money local.

The bank would assist local banks with capital for loans and would not compete with them, Krauss said. Krauss suggested money that has been "squirreled away," such as pension funds, could fund the endeavor.

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Local officials get info on ‘public bank’ concept

WILKES-BARRE — Describing it as an “end run” around big banks and big government that could reduce the cost of floating municipal bonds while returning money to the county’s general fund, Mike Krauss extolled the virtues of establishing a “public bank” during a presentation to about 30 representatives of area governments and municipalities Monday morning.

Krauss, a director of the Public Banking Institute, said governments facing tight budgets currently have four options: “Cut services, layoffs, raising taxes or taking on more debt service. Those are the tools. We need another tool.”

public bank would be set up through a state bankcharter to pool financial resources of governments and public money, using those assets in partnership withlocal banks that, on their own, cannot compete with the large, multinational banks, Krauss explained.

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