Interview with Senator Anthony Pollina (D-Washington)
Q: From what I have seen,
it looks like some members of the legislature grumble when they see champions
of public banking make yet another push. What points will you try to highlight
to make the concept of public banking appeal to those who are currently indifferent
or opposed to the idea?
A: Talk about need for increased
capital investment to accomplish needs alt to raising taxes
Source of
capital – infrastructure, other investments, housing,
Lower costs of infrastructure investments, ex.. renovate
school, borrow from banks at high rate (save money on investment à local communities
would borrow money at lower rate from state than on commercial market,
Scott admin creates efficiency…. Couple agency VIDA and
Vermont housing agency, VSAC, bring them together to do efficient lending
Q: What are the biggest struggles you think you and your fellow
sponsors will face when trying to pass legislation to create a commission on
exploring the suitability for public banking in Vermont?
A: Seems to be a lot of opposition from banking community and From
State treasurer, financial regulation testified against idea, “state bank bad”
… “would hurt local banks” à
FALSE, … state bank lends money to municipalities, participates with local
banks, both kinds of banks could coexists,
Q: Let’s say the legislation passes and the commission gets
created. What will the structure of the commission look like, and what will the
commission's plan of action/agenda look like?
A: Independent commission of state bureaucrats,
understanding finance, (look at bill) VNE, community foundation, trust company
of Vermont are candidates
(INDEPENDANTLY), treasurer making decision about how money is spent, look
at if state bank could fulfil number one, also whether there could be efficiencies,
and whether state could access federal reserve money at lower rates
Q: How can we feasibly compete with private banks in this state
i.e. TD Bank, while trying to foster the idea of public banking?
(five) no intention to compete
public banks à
support community, municipalities, infrastructures, private banks, to make
money, profit, and serve consumers directly
Parting thought: shouldn’t be this hard, Bill is about the
study, should not be so hard to just have the study, resistance in just having
the idea, lot of sway from power of banks
