The California Senate has voted to enact AB 857, the Public Banking Act, which sets the standards and opens the door for municipal public banks throughout the state. – A second vote on the amended bill in the Assembly, which advanced it by a narrow margin last month, should follow tomorrow. If Governor Gavin Newsom signs the bill into law, California will be the first state since North Dakota in 1919 to enact a statewide public banking statute, and the first in history to define and regulate the formation of […]
Moving profit-seeking banks out of the public finance equation, and allowing the city to lend to itself, will save hundreds of millions of dollars annually in fees while lowering infrastructure spending by up to 50%.
♦ There is a long and noble tradition of progressives who cite passages from the founding documents in their calls for truly universal rights. ♦ Martin Luther King, Jr. is perhaps the most prominent of these voices. His speeches built upon the loftiest promises of the Declaration of Independence and the United States Constitution and then added his own. Abraham Lincoln’s funereal address at the killing grounds of Gettysburg has similarly ascended into canon, and is trotted out by every debate amateur, every screenwriter, and every cretin who seeks public […]
Scholars refer to 1905, the year in which Albert Einstein wrote his famous works on the photoelectric effect, Mass-Energy equivalence and special relativity, as his Annus Mirabilis, his ‘miraculous’ year. For me, that year was 1992. I was ten years old, in the fifth grade, and I was runner-up in the Robert Frost Poetry Contest for Children and Teens, an honorable mention bestowed in person by Governor Judd Gregg himself. That was also the year I won my city’s championship in the National Geography Bee. I was chosen to represent […]