A Resolution in Favor of Starting a Public Bank in Mendocino County

RESOLUTION 15-05.64

A Resolution in Favor of Starting a Public Bank in Mendocino County

WHEREAS, the California Democratic Party platform encourages the sustainable growth of jobs, promotes low-interest loans for small businesses to expand job-creation, and encourages improved banking services for businesses and consumers; and

WHEREAS, the unethical and fraudulent practices of Wall Street banks caused the housing and market crashes of the previous decade and made the financial stability of the world uncertain; and public banking institutions can resolve the dilemma for states, municipalities and counties about how to pay for stimulus and job programs without incurring new, long-term risky debt; and

WHEREAS, the proposed Mendocino County Public Bank will be the depository for all county revenues, potentially saving money because all debt service on loans will return back to the County instead of Wall Street and will be reinvested with a mission of serving the public good in the form of low-interest loans for economic development, green energy, education, students, businesses, families, affordable housing, senior housing, and infrastructure;

THEREFORE BE IT RESOLVED, the California Democratic Party is in favor of starting a public bank in Mendocino County.

Sponsored by Mendocino County Democratic Central Committee

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Adopted by the California Democratic Party
At its Summer/Fall 2015 E-board Meeting
Hyatt Regency
August 16, 2015

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