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