Pennsylvania Public Bank Project
The Pennsylvania Public Bank Project gives the following descriptive information:
Our Vision: Our vision is a commonwealth and nation of broadly shared prosperity and opportunity, strong communities, democratic government and equal justice.
Our Mission: Our mission is the creation of a network of public/partnership banks in the Commonwealth of Pennsylvania, to provide affordable credit for locally directed economic development and jobs creation, sound municipal finances, the reduction of public debt, affordable education, home ownership and a strong local banking industry.
Posted on this webpage in 2013:
Public banking is conducted by banks that are established and owned by the people through their representative governments, at the municipal, state, national and even international level. Public funds such as tax revenue, investments, rainy day, special purpose and pension funds and other assets are deposited in the bank, held as capital and leveraged as with any bank to generate vitally needed and affordable credit to power local economic development and jobs.
In the United States, this system of publicly owned banks goes back to the American colonists. In the Quaker Commonwealth of Pennsylvania, the government operated a “land bank.” Money was printed and lent into the community. The interest and profits returned to the government, which then spent the money back into the economy in place of taxes.
We are Pennsylvanians from all over the commonwealth who share a commitment to the vision of a better and more prosperous Pennsylvania, with equality of opportunity and equal justice for all. We work to identify and promote public policies that can achieve that vision.
The Pennsylvania Public Bank Project is our first initiative.
We are a not-for-profit and non-partisan Pennsylvania corporation. We are seeking IRS status as a 501c3 entity.