49 of the 50 State Treasurers and all County Treasurers deposit our taxpayer revenues (state income tax, property tax, sales tax, etc.) into private banks. What is their plan to prevent city, county and state governments from becoming creditors for the too-big-to-fail banks, the next time these banks lose a multi-billion dollar bet? Because of their fiduciary responsibility to the public, we request that our public finance officials answer the question: what is the risk we have in doing business with too-big-to-fail banks that, as demonstrated in Cyprus, are apparently now able to seize deposits and convert them to capital?
That’s why I created a petition to All County Treasurers in the USA and All State Treasurers in the USA (except the North Dakota Treasurer, who deposits tax receipts into their public bank).
Public Banking Institute