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April 18, 2012

The bill has been referred by the Governor to the California Assembly and Senate Banking Committees for review and to determine if a study will be done on the feasibility of establishing a state-owned bank that would receive deposits of state funds. This bill will establish the California Investment Trust modeled after the Bank of North Dakota, the country’s only public bank.  http://banknd.nd.gov/

“The California Investment Trust will strengthen economic and community development. By providing loans to individuals and businesses, the California Investment Trust will eliminate fees currently paid by state government for banking services, and will combine these savings with additional revenue generated through various operating activities. ”

*J.F. Kennedy tried to restart the government owned bank — check into it, he made $5 bills that were not part of the Federal Reserve.

Huffington Post: http://www.huffingtonpost.com/ellen-brown/california-state-owned-bank_b_964385.html

State Committee on Banking and Finance: http://abnk.assembly.ca.gov/committeehome


Bill Documents: http://www.leginfo.ca.gov/cgi-bin/postquery?bill_number=ab_750&sess=CUR&house=B&author=hueso

Assembly Member Mike Eng, Chair of the Banking and Finance Committee

Assembly Member Katcho Achadjian, Vice-Chair of the Banking and Finance Committee

PETITION: California Assembly Banking Committee: Pass the California-owned Bank Bill Now! http://signon.org/s/D6GJ2w #signon


Art by David Dees: http://www.sl-webs.com/deesillustration/home.asp