Californians, please call up governor Jerry Brown for him to approve the study of a state-owned bank in California (AB 750). It could cut your budget deficit in half, by allowing for the state to self-finance its own infrastructure projects at 0% interest. Loans to local banks or individuals could also be at low rates, plus it would be more stable than a private bank because all of California's money and tax receipts would be deposited in the state-owned bank to back loans. Think of it as a mini-Fed for your state, except that the shareholder essentially is the taxpayer. Every year the Fed must pay its private shareholders a 6 percent dividend, with the rest of the earnings being refunded to the U.S. Treasury. Currently North Dakota is the only state with its own state-owned bank (whose charter started back in 1918), and they consistently have budget surpluses and an extremely low rate of unemployment. The financial success of N. Dakota is not just due to oil natural resources! Rather than competing with local banks, the BND has actually worked together with local banks to create greater financial stability within the state.
Following are Governor Brown's contact details:
Governor Jerry Brown
c/o State Capitol, Suite 1173
Sacramento, CA 95814
Phone: (916) 445-2841
Fax: (916) 558-3160
Email: http://gov.ca.gov/m_contact.php
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