Resolution for a State Bank

WHEREAS the State of California is the eighth largest economy in the world and the security of that economy depends upon a sustainable supply of affordable credit for individuals, businesses and such public purposes as infrastructure and job creation; and

WHEREAS the current system of banking and finance in California does not prioritize the prosperity of millions of ordinary California citizens and has not provided the critical mass of affordable credit needed to secure a prosperous future for them; and

WHEREAS the public funds of California are regularly and in vast amounts transferred to, held in and invested by out of state private banks;

THEREFORE BE IT RESOLVED that the California State Democratic Party support the creation of the public Bank of California, capitalized with existing but underutilized public funds, held out of California in private banks for purposes and profit external to the needs of the people of California; and

BE IT FURTHER RESOLVED that all profits of said Bank of California be returned annually to the General Fund of the State of California for the purpose of sustaining public services and/or reducing tax impacts on California citizens and/or reinvestment in said Bank of California by such formula as the California State Legislature shall direct.

Authored by Derek Casady (AD 78)
Proposed for adoption by the La Jolla Democratic Club at the Feb. 15, 2015 General Membership Meeting

Contact: Derek Casady, President, La Jolla Democratic Club
dcasady@san.rr.com