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Fed’s Kashkari ‘shocked’ black unemployment isn’t better understood.
“What’s shocking to me is we, as a country, still don’t know why that is. We have to know why that is if we hope to solve it,” he said.
At Fed’s Jackson Hole retreat, demonstrators push for economic change
“This is not the first discussion. It’s one of many and they’re many more to come,” Neel Kashkari said.
Public Banks Could Break the Impasse Over Marijuana Money
With nearly a dozen state initiatives legalizing recreational marijuana on the November ballot, the market for legalized marijuana is certain to expand. But, because marijuana continues to be classified as a Schedule 1 drug by the Drug Enforcement Agency (DEA), private banks are effectively prohibited from fully participating in this market — the compliance burden is too high and individual employees face the threat of prosecution. A network of city, county and state-owned public banks, sharing best practices, may be an effective way to offload the compliance burden so that marijuana-related businesses can confidently accept payments and deposits can be placed into a network of public banks, which could develop the systems needed for legal compliance with the Department of Justice and federal regulatory agencies.
The High Toll of Being Poor in the U.S.A
Officially, 14.8% of people in the United States live in poverty. Furthermore, 20% of Americans use alternative financial services to pay bills, get loans, and generally afford to live in the wealthiest country in the world. The most common alternative to a retail bank is a local check-cashing store, which charges a percentage fee on the cashed amount (for example, a store charges a 1.5% fee. This means that it will cost $15 to cash a $1,000 check).
PBI Launches Public Banking Caucus
PBI Chair Walt McRee has announced the creation of a bi-partisan Public Banking Caucus, a strategic campaign to link together the many local and state elected and appointed officials (and candidates) already supporting public banking.
Letter: Open public bank to fund project
Let me commend you for your plan “to help the county’s waters, trails and wildlife habitats.” Forty million dollars, plus the cost of an election and the fees and interest associated with the bonds, is a lot of money. You could avoid those costs and gain other savings by establishing a “public bank.”
Forget Clinton’s and Trump’s Plans for the Economy: It’s Time to Erase Debt and Create Jobs
So far, neither Donald Trump nor Hillary Clinton has offered a credible plan to restart the long-stalled U.S. economy.
My View: Public Banks Provide Responsible Stewardship of Public Funds
Usually a household wishing to own a home must borrow funds from a bank. The household pledges its future earning capability to pay off a mortgage during the home owner’s lifetime. Likewise, a city needs to borrow for public projects like streets, utilities and the airport. That city pledges its earnings from taxes to pay […]
Public Banking Shines
Recently, there has been much ado about cash management operations replacing the need for a public bank. It appears that the city is implementing an excellent cash management system and other improvements in city financial management. Cash management is what families do when they pay off their credit cards every month. They plan ahead and […]
Minneapolis Fed chief Neel Kashkari calls some racial disparity ‘a crisis’
Community organizer Wintana Melekin was grabbing a soda in late June at a coffee shop near her office when she heard Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, had just been in.
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Episode: Everyone deserves a public bank
“I had the good fortune to work on this initiative before Bernie kidnapped all my time. This is one of those no-brainer initiatives that only the 1% could oppose. It has the potential to save the state millions of dollars by vastly reducing the cost of its bonds to improve infrastructure funding. in a public bank, our state funds can be used to build our local economy and our local infrastructure.”
– Paul Gibson
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