PUBLIC STATE BANK
The following resolution was drafted by Dan Osterman, the Michigan coordinator for the Public Banking Institute. He has been, and continues to be the premier advocate for instituting a publicly-owned bank for our state, counties and local municipalities.
Dan is a state committee member and 12th district committee member for the Republican Party. The 12th district committee has passed this resolution and we hope to present it to the 11th district for a vote very soon.
There is definite interest in Lansing by some legislators who are concerned about having our money invested in Wall Street (that could crash and burn anytime). We must continue to educate the public and put pressure on our representatives to protect our money and continue to look for alternative funding solutions, rather than just continue the status quo “spend and tax” policies.
This is a viable and proven solution to many of our states “revenue” problems. Please share this resolution with your state representatives, senators, committees and local activist groups.
You can follow Dan on his Facebook page: Innovative Solutions for Prosperity
11th Congressional District Republican Committee
Establishment of a Publicly-owned State Bank
We, the Officers, State Committee Members and General Members, representing the 11th Congressional District Republican Committee for Michigan, do hereby submit the following:
WHEREAS, the government of the State of Michigan is supposed to protect and support the best interests of the citizens of the State of Michigan, and;
WHEREAS, a central part of that responsibility is to act in a fiscally responsible manner with all tax revenues, fees and other fiscal assets of the State, and;
WHEREAS, an important part of fiscal responsibility is to keep as much as possible of that asset value for use, for and within, the State of Michigan, and;
WHEREAS, presently, much of that asset value is turned over to commercial banks outside of our State for handling and management, from which banks, the State then also borrows, by means of loans or issuance of bonds, and;
WHEREAS, said commercial banks gain much profit from fees and interest paid by the State of Michigan, which profit almost exclusively flows to places outside of our own State, and;
WHEREAS, the aforementioned costs amount to a transfer of the wealth and assets of Michigan residents to out-of-state interests, thus effectively reducing the tax and fee revenues, available for their proper use, by reducing the ability of our Legislature to effectively and efficiently manage State resources, for the benefit of State citizens, in a manner consistent with good and prudent Government, and;
WHEREAS, a publicly-owned Bank of Michigan, having the specific purpose of which would be to provide an in-state repository for the holding, management and distribution of the fees and taxes collected from the operation of the government of Michigan, would directly benefit Michiganians, and;
WHEREAS, the Bank of Michigan would be limited in its’ scope and purpose, to administer bank charters and audits, make funds available for state, city and county infrastructure and government operations, to benefit the People and communities of Michigan, and to provide correspondent banking services for chartered members, and;
WHEREAS, the Bank of Michigan would be prohibited from competing in the private sector with privately-owned banks, also operating in Michigan under state or federal charter, and the Bank of Michigan would specifically create guidelines with criminal penalties associated with not following the guidelines, which would guarantee the Bank of Michigan will function on behalf of the people, and not as a political tool;
THEREFORE, BE IT RESOLVED by the 11th Congressional District Republican Committee and its’ members, concurring herein:
That the 11th Congressional District Republican Committee hereby adopts and endorses the following Resolution:
That the Michigan Legislature proposes an amendment to the Michigan Constitution, by adding a provision authorizing legislation forming and establishing the Bank of Michigan, modeled after the Bank of North Dakota, to:
a. Hold in trust for the People of Michigan, any and all profits, fees and taxes collected from the operation of state, county and city governments;
b. Administer those funds collected, in the best interest of, and in a manner most suitable and beneficial to, the People of Michigan;
c. Grant state banking charters to private banks who apply for membership;
d. Act as a lending partner (correspondent bank) for chartered member banks;
e. Make low-cost loan funds available to cities, counties and other communities within Michigan to stimulate positive business growth, new jobs and projects required to support growth, community stability, and quality of life.
This _____ day of ________________ , 2015