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Speaker 3: Email revealer, dot com, the goil. Okay, we're joined by
Speaker 3: David Jetty and he's from the public, the California Public
Speaker 3: Banking Alliance. Okay, so I'm going to ask them more
Speaker 3: about this public banking stuff that's going on here. Mister Jeddy,
Speaker 3: are you there?
Speaker 5: I am, Thank you for having me on it.
Speaker 3: Thank you so much, and so tell us about yourself. First,
Speaker 3: Who is David Jenny.
Speaker 5: Well. I live in LA I am an activist and
Speaker 5: financial analyst, an entrepreneur. I've been working in the nonprofit
Speaker 5: sector for I guess fifteen years. First in the arts.
Speaker 5: I also have a career. My bread and butter career
Speaker 5: is in finance. I work in tech finance, starting up
Speaker 5: and managing operating businesses and investing across real estate and
Speaker 5: and certain lending industries. My exposure to that, plus my
Speaker 5: sort of re joining of the fight, so to speak,
Speaker 5: after the Obama years where a lot of us kind
Speaker 5: of fell slakedly if I did it came back around occupy.
Speaker 5: I found a way to kind of make my knowledge
Speaker 5: of the finance world and my interest in monetary policy
Speaker 5: and socialist political economics to apply myself to a couple
Speaker 5: of areas I thought I could do. Some good. Public
Speaker 5: banking came up thanks to the efforts of very committed
Speaker 5: and talented organizers here in LA who came out of
Speaker 5: the Dakota Access pipeline fights. I'm sorry Dakota Access, Yeah,
Speaker 5: and of course the indigenous rights movement to divest from
Speaker 5: banks and industries that contributed to the to the traategy
Speaker 5: of standing Rock folks here at the time, known as
Speaker 5: divest LA pushed for our city, Los Angeles to divest
Speaker 5: from Wells Fargo, which was a primary finance partner of
Speaker 5: that pipeline, and succeeded. And the natural question was, well,
Speaker 5: if we can't put our money in Wells Fargo because
Speaker 5: it's destroying the environment, violating the law, then where can
Speaker 5: we put it? And thanks to the ever present work
Speaker 5: of folks like Alan Brown and the Public Banking Institute.
Speaker 5: Organizers here in LA found public banking to be the
Speaker 5: next sort of natural step of both divestment and as
Speaker 5: a cure for a lot of what ails our state
Speaker 5: around housing equality and climates. At the station public banking
Speaker 5: I feel and the reason I'm committed to it, as
Speaker 5: you know in my spare volunteer time volunteer activist, is
Speaker 5: because I think it can be a bedrock for the
Speaker 5: reinstitution of public goods into American life. We have gone
Speaker 5: through an air of liberalization and privatization which has stripped
Speaker 5: most of the things that belong to the people and
Speaker 5: turn them into financial products and commodities which are designed
Speaker 5: to benefit a very few number of people. And it's
Speaker 5: my firm belief and a lot of people that I
Speaker 5: work with that we need to re establish commonwealth as
Speaker 5: a first step to decommodifying our economy and putting our
Speaker 5: energy toward things that restore the earth instead of destroy it.
Speaker 3: Can you explain to you what it is exactly? What
Speaker 3: is a public bank?
Speaker 5: A public bank is? I mean, in the simplest definition,
Speaker 5: is a bank owned by a public entity as opposed
Speaker 5: to private shareholders. So, for example, I could compare two banks.
Speaker 5: Let's take as Manhattan Bank or JP Morgan Chase, which
Speaker 5: is an investments bank out of New York City, and
Speaker 5: the Bank of North Dakota, which is a publicly owned
Speaker 5: state bank in the state of North Dakota. JP Morgan
Speaker 5: Chase is owned by its shareholders, which you know, the
Speaker 5: vast majority of those shares are held by a relatively
Speaker 5: small number of people who appoint the board of those banks,
Speaker 5: and that board makes decisions about how trillions of dollars
Speaker 5: is invested across multiple national economies. This is how our
Speaker 5: economy is organized at its very highest level is by banks,
Speaker 5: and the banks that manage the money of very wealthy
Speaker 5: people and itstitutional investors. The Bank of North Dakota is
Speaker 5: the longest running public bank in the United States, is
Speaker 5: currently the only public bank that's in full operation. It
Speaker 5: was founded in let's see, it's in one hundred years
Speaker 5: in nineteen nineteen, one hundred years old, and it is
Speaker 5: owned entirely by the people of North Dakota. By law,
Speaker 5: all public deposits of governments of state and local governments
Speaker 5: in North Dakota must be deposited in the public bank
Speaker 5: in North Dakota, and that bank operates essentially as a
Speaker 5: wholesale bank, right doesn't have tellers or ATMs, not really
Speaker 5: has a couple, but mainly what it does is it
Speaker 5: packages loans and participates with community banks and banks that
Speaker 5: are focused locally and even owned locally to targeted investment
Speaker 5: areas that improve the state for the people that live there.
Speaker 5: And since that time, it's returned or I'm sorry, over
Speaker 5: the last six years, it's returned about a billion dollars
Speaker 5: worth of returns to the taxpayers of North Dakota. You know,
Speaker 5: it's public services for which they did not have to
Speaker 5: pay taxes. And of course they have the strongest community
Speaker 5: banking industry in the country in terms of state by
Speaker 5: state analysis of a number of banks per capita. This
Speaker 5: is because the banks have a large partner in their
Speaker 5: state who does not want to steal their customers, does
Speaker 5: not want to acquire them or put them out of
Speaker 5: business like Wall Street banks do. So North Dakota and
Speaker 5: the people there have made a commitment to local banking,
Speaker 5: publicly owned banking. Despite its very conservative voting base. It's
Speaker 5: not a socialist utopia by any means. But they do
Speaker 5: have a publicly owned bank, and it helped them whether
Speaker 5: the Great Financial Crisis, much better than a lot of
Speaker 5: other places. Help their local governments avoid bankruptcies. It allowed
Speaker 5: them to maintain disaster funds and benefits for their people
Speaker 5: even as other states were seeing county and city bankruptcies
Speaker 5: and austerity. It doesn't have to operate, no, Yeah.
Speaker 3: The difference would be that a private bank the profits
Speaker 3: would go to the shareholders, whereas with a public bank,
Speaker 3: the profits that the bank would generate just like the
Speaker 3: public the private bank generate, it goes back into the
Speaker 3: tax revenues.
Speaker 5: Right that can pay dividends to tax payers, or it
Speaker 5: can reinvest that money, but all of that investment is
Speaker 5: owned by the public and generally, public banks also have
Speaker 5: to operate along the social and ethical mandates, which private
Speaker 5: banks have no obligation to follow. Just the requirement that
Speaker 5: they invest locally is a big difference. Wall Street banks
Speaker 5: move money all around the world, and they move it
Speaker 5: where it's most productive for their shareholders. This is why
Speaker 5: you see investment flooding out of the United States and
Speaker 5: out of the US labor markets especially. It's why you
Speaker 5: see the sort of transfer of an environmental devastation all
Speaker 5: around the world to where it can be most tolerably
Speaker 5: invested in. By locking public funds to public benefit through
Speaker 5: public banks, you can prevent that capital from creeping around
Speaker 5: the world and doing harm and leaving your local economy
Speaker 5: just to shrink and them for itself. So that's just
Speaker 5: in the locality. Of course. Public banks are usually subjects
Speaker 5: to public disclosure laws, so they have much more transparency
Speaker 5: than private banks into the decisions they make and the
Speaker 5: political influence that they receive and give out. And they
Speaker 5: also tend to be safer than private banks in terms
Speaker 5: of protecting public funds from bankruptcies or seizure or loss.
Speaker 5: The German people have a network of what you would
Speaker 5: consider county level banks, which make up the majority even
Speaker 5: of their consumer banking industry. Most people their first checking
Speaker 5: account is at a public bank. You only put it
Speaker 5: into a private your money into a private bank if
Speaker 5: you're rich and sophisticated and want to put it into
Speaker 5: an investment bank to grow quickly where else around the world,
Speaker 5: possibly shrink quickly around the world.
Speaker 3: Where else is this concept popular?
Speaker 5: Well, Like I mentioned, and Sparkhausen network has existed since
Speaker 5: the late nineteenth century and represents a huge portion of
Speaker 5: the their banking industry, even those touching consumers, but definitely
Speaker 5: touching local governments. That sector in Germany is responsible for
Speaker 5: over three quarters of the loans made to projects which
Speaker 5: increased the renewable energy supply of that country, which of
Speaker 5: course it is leading in Europe and around the world
Speaker 5: and the development of renewable energy sources. I also mentioned
Speaker 5: North Dakota and it's very successful and basically the invincible
Speaker 5: state bank since it is constitutionally guaranteed. There's been since
Speaker 5: it is a public banking around the world since the
Speaker 5: beginning of economy is ben Benjamin Franklin suggests the public
Speaker 5: banking system which was beat out by Hamilton's private monetary
Speaker 5: system of debt. Japan has postal banks, Malaysia has a
Speaker 5: has a major public bank, which you know as participates
Speaker 5: in its investment sector. There are many, many examples. The
Speaker 5: United States does not have a lot of public banks,
Speaker 5: largely because of how our country is organized in terms
Speaker 5: of its its laws around the participation of government in
Speaker 5: what it considers economic activity. Right, we have a las
Speaker 5: faire economic system and a very conservative policy set who
Speaker 5: believes that private individuals can allocate resources for the rest
Speaker 5: of us, regardless of how concentrated they get or how
Speaker 5: politically you know, conflicted they and the government becomes when
Speaker 5: these giant monopolies take place. And even beyond that, the
Speaker 5: very monopoly that banks exercise over the monetary instrument should
Speaker 5: be abhorrent to any free people. And what I mean
Speaker 5: this is we tend to think of currency as being
Speaker 5: issued by some kind of mint, a factory that makes
Speaker 5: coins or prints dollars. But that's not how money is created.
Speaker 5: Money is created through the extension of credit. In the
Speaker 5: United States, it's mainly through private lending. Banks lend money
Speaker 5: through a mortgage or through a business loan, and they
Speaker 5: effectively print that money onto their books and lend it out,
Speaker 5: and they're taking the risk that that money will come
Speaker 5: back and will come back with interest. If it does not,
Speaker 5: they will have a shortfall. Now, in the United States,
Speaker 5: they're allowed to carry deposits from consumers, which they have
Speaker 5: to pay one hundred percent back, right you have to
Speaker 5: give you put your money in a bank account, you've
Speaker 5: expected back in more in the same way that they
Speaker 5: do from their loans. But they're allowed to lend ten
Speaker 5: times the amount of deposits that they have on their books.
Speaker 5: There are ten times the amount of equity they have
Speaker 5: on their books, and up to one hundred percent of
Speaker 5: the deposits that you think you have in your bank,
Speaker 5: so when they make too high of a risk, can sail.
Speaker 5: This is the same principle that public banking would work under,
Speaker 5: but there are some key differences because in a private scenario,
Speaker 5: you have an instrument which is backed by the government
Speaker 5: because you can use it to pay your taxes, and
Speaker 5: the US military is very strong and works very hard
Speaker 5: to make it. So the dollars valuable, but it's completely
Speaker 5: monopolized in its creation and management in private hands, and
Speaker 5: not just any private hands, but the richest people in
Speaker 5: the world. A very small number of people control the
Speaker 5: greater monetary policy. In the United States, the Federal Reserve
Speaker 5: is chosen by Federal Reserve districts, which are owned one
Speaker 5: hundred percent by private institutions. So this public asset called
Speaker 5: the dollar, this representation of our social fabric and the
Speaker 5: means of exchange by which we base all of our
Speaker 5: daily activity, is managed four and on behalf of very
Speaker 5: concentrated financial interest. This leads to a concentration of power
Speaker 5: in the United States, but then within the United States
Speaker 5: as well. So when we think about how public and
Speaker 5: private banks are different, one key benefit of public banking
Speaker 5: is you bring this instrument back into the public sphere
Speaker 5: or democracy can have some kind of impact on our
Speaker 5: monetary policy and our greater lending economy.
Speaker 3: Let me make you a question. Have you and your
Speaker 3: organization have you explored how this could be applied to
Speaker 3: the merchant bank of the merchant payment processing industry?
Speaker 5: Yes, merchant processing is a highly technological process. Now, of course,
Speaker 5: we pay for things with our phones, and we rely
Speaker 5: on the stores that we that we to have a
Speaker 5: way to accept our payments, and those stores have to
Speaker 5: pay a pretty significant fee out of every purchase, basically
Speaker 5: attacks just for the right to use currency. And this
Speaker 5: isn't even cash currency. Of course, you can avoid this
Speaker 5: fee if you pay cash, but more and more that's
Speaker 5: not even an option. So even beyond the instrument of
Speaker 5: the dollar, we're now seeing a further privatization of money
Speaker 5: and a capture of payment systems by huge retail and
Speaker 5: financial monopolies. Amazon is trying to essentially replace the dollar
Speaker 5: with their own system. They have such a huge piece
Speaker 5: of the retail market. I highly recommend David Dan's piece
Speaker 5: today and in these times about Amazon. He talks about
Speaker 5: all the various industries that they've captured the prema of,
Speaker 5: and how they're using these pieces together to accumulate more
Speaker 5: and more of our economic activity. And then they have
Speaker 5: the goal to turn around and pay their employees in
Speaker 5: Amazon gift cards, essentially issuing company script to a cut
Speaker 5: to a company that could I mean, they could listen
Speaker 5: to me right now, I have an Alexa in my home.
Speaker 5: So this is a troubling development if you believe in
Speaker 5: the sort of durability and freedom provided by decentralized power systems.
Speaker 5: When public banks can participate in a merchant game, they
Speaker 5: are not going to be able to wish away the
Speaker 5: technological costs of deploying digital money. But there are systems
Speaker 5: and development which can decentralize those instruments as well. And
Speaker 5: wherever there is rent seeking around the pure permission to
Speaker 5: take these fees right the licensing of someone like Visa
Speaker 5: or Amazon pay, those can be eliminated through public banking. Because,
Speaker 5: of course a public bank could could have these licenses
Speaker 5: inherent to themselves, and they could remove barriers to that
Speaker 5: business by not putting them up themselves and providing a
Speaker 5: credible alternatives so that people can access their own wages. Right.
Speaker 5: A big element of credit is that time time marches
Speaker 5: on right at a steady pace, and you may need
Speaker 5: money now, but you will work in the future. And
Speaker 5: people take advantage of this by issuing payday loans, title
Speaker 5: loans to people who do not have any leverage in
Speaker 5: the credit markets. They extract very quigh interestites through credit
Speaker 5: cards and through these extracted financial products just so that
Speaker 5: just basically so that people can access the gains of
Speaker 5: their own labor. And this is because money itself has
Speaker 5: been captured. You cannot receive your money unless jack mission
Speaker 5: from bivate edition. So it's making that accessible. You know,
Speaker 5: when I've talked to my friends in the blockchain industry,
Speaker 5: people in bitcoin and other kinds of sort of cryptoanarchic
Speaker 5: systems where they would like to see money evaporate entirely.
Speaker 5: They don't like my public banks whatsoever. But the idea
Speaker 5: that you may need to have between your currency, your
Speaker 5: payment system, and local governments requires that you have a
Speaker 5: credible partner with which to bank. And if that is partner,
Speaker 5: is a private entity, then you caveat m tour. Right.
Speaker 5: If you have a public entity that has defined rules
Speaker 5: and is found by the Constitution, you can combine that
Speaker 5: with technologically disruptive platforms like blockchain and another to replace
Speaker 5: those merchant services that are taking basically four percent of
Speaker 5: our economy every time we swipe our card.
Speaker 3: Well, not only Actypothia, they're privately run that they're probably owned.
Speaker 3: So PayPal or even merchant payment services can just deny you,
Speaker 3: just cancel your account at anytime they want, you know,
Speaker 3: just we choose not to do business with you. And
Speaker 3: you're at a business now, if you're unpopular, if you're
Speaker 3: broadcasting a radio show, it's unpopular tod our business, they
Speaker 3: can come right in and shut you down. Well, let me,
Speaker 3: let's ask you a question because you mentioned that the
Speaker 3: only public bank we have right now in the United
Speaker 3: States is North Dakota, and then you said that they
Speaker 3: don't have any kind of commercial storefronts with tellers, and
Speaker 3: that why don't they have that, Why don't they offer
Speaker 3: that as well?
Speaker 5: Bill? Because the Bank of North Dakota is set up
Speaker 5: specifically to not compete with their community bank and to
Speaker 5: take retail customers. You know, they have a deal basically
Speaker 5: with with with their local community banks, which in their
Speaker 5: law that that that they will partner with those banks
Speaker 5: rather than compete for those same customers. Okay, uh, and
Speaker 5: Art here in California that we're working on makes a
Speaker 5: similar concession because governments generally do not have the capacity
Speaker 5: to very quickly set up into high touch services without
Speaker 5: you know, experience and time. You know, you wouldn't want
Speaker 5: to overnight make banking illegal and take that stuff over
Speaker 5: unless you wanted to have a very disruptive moment in
Speaker 5: people's lives. Right, People get very afraid when their money
Speaker 5: is at risk in the bank, and it can lead
Speaker 5: to unnecessary problems if they are worried about that. So
Speaker 5: you don't want to make radical changes to how people
Speaker 5: access their goods unless you you know, you really want
Speaker 5: people out in the streets. But you you also need
Speaker 5: to keep those folks in check that are getting that
Speaker 5: kind of protection from a public bank. For example, if
Speaker 5: you have a community bank that is owned locally, nothing
Speaker 5: necessarily ethical about it, right, There's nothing that makes it
Speaker 5: better than something than a Wall Street bank, except that
Speaker 5: they're closer and they're subject to local laws to one
Speaker 5: element of creating an alternative to wall streets. You can
Speaker 5: localize influence over these financial institutions and make sure that
Speaker 5: they're doing things for the benefit of their community. Localism
Speaker 5: is accountability because when you're nearby, you have to live
Speaker 5: among the people whose policies and business you know you're impacting.
Speaker 5: But you know, the governments have trouble sometimes with providing
Speaker 5: front end services. You know, in an era where things
Speaker 5: are changing very quickly around financial technology, you want to
Speaker 5: find the right balance between public ownership, which should be
Speaker 5: one hundred percent of the sort of end games, and
Speaker 5: private implementation which can allow for flexibility and you know,
Speaker 5: and basically the career of jobs in the private sector
Speaker 5: around accomplishing these goals but capturing the upside, especially the
Speaker 5: long term upside for the people. Unfortunately, that tends to
Speaker 5: be the opposite of how government runs right, and in
Speaker 5: most cases, government fronts the up broad costs, takes all
Speaker 5: the risk and the long term gainser for the private sector.
Speaker 5: And that's, you know, is one thing that you need
Speaker 5: when we're working with legislators and business advocates and all
Speaker 5: these loans is we need to be a watchdog to
Speaker 5: make sure that this doesn't turn into a system of
Speaker 5: further extraction and the socialization of risk, and we actually
Speaker 5: have to make sure that the reward is brought back
Speaker 5: to the tax payers.
Speaker 3: This would be a good time to take commercial break.
Speaker 3: We're here with the David Jetty. He's with the California
Speaker 3: Public Banking Alliance and the Public Banking LA is what's
Speaker 3: that quote in Public Bank LA. That's right, Okay, So
Speaker 3: we'll be right back with more of David Jetty talking
Speaker 3: about the public banks versus private banks right after these messages.
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Speaker 1: The Opferman Report and now here is an investigator.
Speaker 3: Okay, welcome back to the Opperman Report. I'm your host,
Speaker 3: private investigator at Opperman. We're here today with David Jetty
Speaker 3: from the California Public Banking Alliance and also Public Banking LA. David,
Speaker 3: can you it seems like such a no brainer? Okay,
Speaker 3: this seems like such a no brainer. Can you play
Speaker 3: Devil's advocate for me and explain to me why if
Speaker 3: this is working so well in North Dakota? Okay, And
Speaker 3: it just seems so logical and so basic that that
Speaker 3: these profits would go back into the hands of the
Speaker 3: public rather than into a small pockets of a few
Speaker 3: people who really never worked a day in their life. Okay,
Speaker 3: they're just having to hold these Sokker shares and they're
Speaker 3: making all this money. It seems to be such a
Speaker 3: no brainer. Can you play Devil's advocate and explain to
Speaker 3: me why this has not been duplicated in every state?
Speaker 5: Oh, I don't have to play Devil's advocate. I can
Speaker 5: tell you why, and it's because the finance ended street is,
Speaker 5: especially especially where it intersects with insurance and real estate,
Speaker 5: is the most powerful political force in the United States,
Speaker 5: probably maybe after defense, but at least in the state governments,
Speaker 5: especially those controlled by Democrats, the finance, insurance, and real
Speaker 5: estate industries call the shots, and the development of programs
Speaker 5: like this threaten the underlying basis for their monopolies. Now
Speaker 5: do I think that this is something that they sit
Speaker 5: around in boardrooms worrying about people like me? Now? I don't.
Speaker 5: I think that we've mostly fallen under the radar. But
Speaker 5: the main until very recently, of course, but the main
Speaker 5: argument that they will put forward is that government is
Speaker 5: not good at anything. Now, this is a reasonable thing
Speaker 5: to say, depending on what elements of government you have
Speaker 5: run into. And surely there are city governments that do
Speaker 5: not warrants, at least in their current makeup, the control
Speaker 5: over a bank. But the public banks are not run
Speaker 5: by mayors, and they're not run by aldermen or city councilmen.
Speaker 5: They're run by bankers. They're just public bankers. And that's
Speaker 5: another impediment to why we don't have public banks is
Speaker 5: that the talent. Typeline for finance does not include, or
Speaker 5: at least not the way we would like it to,
Speaker 5: a public service element. Let me go into that a
Speaker 5: little bit further. If you were a chemist, you would
Speaker 5: have a number and you say you were a new PhD.
Speaker 5: You a new PhD in chemistry, or even below a PhD.
Speaker 5: You're going to get some offers at a job fare
Speaker 5: right sesthetical job there, and a lot of those are
Speaker 5: going to be from Exxon Mobile. Who's going to want
Speaker 5: you to come and be a petroleum engineer if that's
Speaker 5: your specialty, or you might get it from a biotech
Speaker 5: industry or plastics industry. But you might also get an
Speaker 5: effort from NASA, or you might get something from you know,
Speaker 5: there's the CDC. Right. These are things that depending on
Speaker 5: what you want to spend your time doing, what kind
Speaker 5: of benefits you want to receive, where you want to live,
Speaker 5: all the reasons we choose jobs, that is an option
Speaker 5: for you. How many public banks are hiring in the
Speaker 5: United States, Not that many. And North Dakota is not
Speaker 5: you know, North Kota is probably very nice, you know,
Speaker 5: in the places where there are people. It's very large state.
Speaker 5: Not a lot of people, But it's not where everyone
Speaker 5: that goes to Harvard Business School wants to move to.
Speaker 5: Maybe a handful, but not most of them. So where
Speaker 5: where are those opportunities? Where's the development of a public
Speaker 5: servant who is also a finance expert. They exist in
Speaker 5: the federal government, for sure. There's plenty of people who
Speaker 5: work in finance and levels of government, but there's a
Speaker 5: revolving door between the Treasury Department and Goldman Sachs. In fact,
Speaker 5: it usually goes from Goldman sax into the Treasury Department. Right,
Speaker 5: government is a place where bankers go to end their
Speaker 5: careers and do some good for their shares. Occasionally they
Speaker 5: can come in and handle a crisis of their own making,
Speaker 5: and usually they end up just bailing themselves out. There
Speaker 5: needs to be a development of financial patriotism to a
Speaker 5: certain extent right, or at least public mindedness around the
Speaker 5: management of money, and I think that's developing generationally. I
Speaker 5: think there's a lot of people coming up through college
Speaker 5: right now who want to make a big difference on
Speaker 5: I don't know the survivability of our planet, and maybe
Speaker 5: don't want to get into careers that you know, earn
Speaker 5: really great alpha, but may or may not destroy a
Speaker 5: rainforest or too or you know, force people to succumb
Speaker 5: to crushing inequality or disease that's starting to develop. And
Speaker 5: there are legal limits to this as well. Right most
Speaker 5: governments are banned from doing business in the United States,
Speaker 5: from doing any kind of business. It's on the books,
Speaker 5: probably at your local city hall, right, a prohibition from
Speaker 5: the city starting an auto mechanics shop or McDonald's. Usually
Speaker 5: they're not allowed to compete. There are areas where they are,
Speaker 5: and those are around areas of public concern. You have
Speaker 5: public utilities, you have public provision of education. These are
Speaker 5: things that we've acknowledged do not access, do not or
Speaker 5: should not operate as commodities in the traditional sense, and
Speaker 5: should be protected from profit interests through public monopoly. And
Speaker 5: there are elements of finance that have that same thing.
Speaker 5: You know, the private people cannot issue debt against the
Speaker 5: US government, but they can issue debt against the currency.
Speaker 5: Private banks certainly do so we need it's really a
Speaker 5: reorganization of those powers back into public hands. But it's
Speaker 5: not power. No one gives up power willingly, and you
Speaker 5: have to take it if you want it. We have
Speaker 5: the means to take it and we should. So.
Speaker 3: Now you've just had a recent success in California there
Speaker 3: with some act, some law was proposed.
Speaker 5: Yeah. Here in California, a California Post Bank Alliance has
Speaker 5: been instrumental and formulating and advocating for a bill called
Speaker 5: AB eight five seven, which we informally call the California
Speaker 5: Public Banking Act. And what AB eight five seven does,
Speaker 5: very simply is it defines a public bank as a
Speaker 5: bank which is one hundred percent owned by a public
Speaker 5: entity like a city or county or a joint powers
Speaker 5: authority of cities and counties coming together with no private ownership.
Speaker 5: And it sets the rules of the road for cities
Speaker 5: and counties who might want to found their public banks.
Speaker 5: Right now, there are some uncertainty in the law about
Speaker 5: whether cities or counties could do this. We think very
Speaker 5: strongly that they already can, but we prefer for it
Speaker 5: to be clear and laid out. And of course we
Speaker 5: want to set the appropriate guide, rails and limitations on
Speaker 5: public banks so that they operate within the public interest
Speaker 5: and safely manage public funds. We don't want them intermingling
Speaker 5: with private entities or unnecessarily risking funds and depleting public assets.
Speaker 5: So AB eight five to seven sets those rules. It
Speaker 5: tells the Department of Business Oversight, which is a banking
Speaker 5: regulator in California, to consider these applications and to consider
Speaker 5: them on the same sort of risk and capital threshold
Speaker 5: that private banks do. So they don't have any special rules.
Speaker 5: They don't get any particular advantage over private banks and
Speaker 5: at least of our credit unions. And it requires that
Speaker 5: these banks be approved by local voters, come with a
Speaker 5: sound business plan, have appropriate transparency and accountability, all things
Speaker 5: that private banks do not disclose as part of their
Speaker 5: formation or regular operations. So it envisions another part of
Speaker 5: the banking sector in California for governments to create at
Speaker 5: their desire, not the mayor's desire, but the voters do.
Speaker 5: The voters want a public bank and their locality. This
Speaker 5: is how it can work. It does not prescribe a form.
Speaker 5: It doesn't say you have to make a bank that
Speaker 5: looks like this or this big, or has to do
Speaker 5: these things. It leaves that all open. It simply says, yes,
Speaker 5: you can do this, this is how, and this is
Speaker 5: what you can't do. So it's a pretty common sense
Speaker 5: financial reform, though from our point of view, that allows
Speaker 5: cities to take control of this aspect of their necessary operations,
Speaker 5: especially considering the cities and counties are facing pressure from
Speaker 5: their voters to divest from major financial institutions that harm
Speaker 5: the environment in the public and in some cases they're
Speaker 5: even legally required to divest from those banks when they
Speaker 5: transgress in such a way that makes them disqualified. For example,
Speaker 5: Chase JP Morgan Chase has settled a number of wage
Speaker 5: sets cases which makes them disqualified to bank the money
Speaker 5: of San Jose City, So that city has to decide
Speaker 5: whether to ignore their own law and brand a bid
Speaker 5: to Chase or give it to Wells Fargo, the other
Speaker 5: bank that applied, which has a subsatisfactory CIRA rating, and
Speaker 5: you know it is guilty of all these things I've
Speaker 5: already said. So those are hard choices for cities. In
Speaker 5: some cases, they can't even legally bank their money, so
Speaker 5: they need an alternative, and this will give it to them.
Speaker 5: It will also provide a credible way for public for
Speaker 5: the public to invest in climate change mitigation and affordable
Speaker 5: housing in the long term in a way that is
Speaker 5: self sustaining and grows the economy and doesn't require short
Speaker 5: term heavy outlays from taxpayers in the form of bonds.
Speaker 5: But you know, an actual plan to create a bigger
Speaker 5: pie and one that's controlled by everyone and not just
Speaker 5: a slim few.
Speaker 3: And this would only apply to the city.
Speaker 5: And county level. Yes, so ABA five to seven authorizes
Speaker 5: government entities to do this. It's targeted for cities and
Speaker 5: counties and specifically you know, cities and counties and jpas
Speaker 5: of those entities. It's not intended to create a state bank.
Speaker 5: There are efforts to create a state bank in California
Speaker 5: and we support those as well. We think that's an
Speaker 5: important part of a wider public banking industry in a state.
Speaker 5: But this is born from local activism. You know, Public
Speaker 5: Bank LA came together with the very consul folks from
Speaker 5: Public Bank East Bay and Oakland, San Francisco Public Bank,
Speaker 5: as well as folks from Eureka, Santasezac Bay, Sonoma. We've
Speaker 5: got both post from San Diego, San Bernardino, all over
Speaker 5: the states came together and said we all need the
Speaker 5: same thing. We need clear rules of the road that
Speaker 5: allow us to farm the bank that we specifically need
Speaker 5: for our cities and counties. They're all going to be different.
Speaker 5: So let's get together and make an omnibus bill that
Speaker 5: can kind of knock out the handful of things that
Speaker 5: we need. And we've had some success. We passed the Assembly,
Speaker 5: so we made it through three committees and vote on
Speaker 5: the Assembly floor, which we won by a single vote,
Speaker 5: which was incredible. And now we're going to head to
Speaker 5: the Senate. We're going to go through those same committees
Speaker 5: there and hopefully make it through a floor vote there,
Speaker 5: and then of course we have to get signed by
Speaker 5: the governor, and we're not one hundred percent sure his
Speaker 5: position on this. Obviously, we hope that he supports us,
Speaker 5: and he's been generally supportive of stuff like this in
Speaker 5: the past, so we have high hopes for that, but
Speaker 5: we do face a considerable opposition. The banking industry is
Speaker 5: starting to take notice and they see the successes we're having,
Speaker 5: and they're starting to spend their money on professional lobbyists
Speaker 5: to go around and so doubt in the legislators, who
Speaker 5: you know, may or may not have a lot of
Speaker 5: exposure to finance or banking, but at the very least,
Speaker 5: you know, of course, they want to make sure that
Speaker 5: their localities are beneficially impacted by any laws that they
Speaker 5: vote on, and you know, absent great resources, it's not
Speaker 5: possible for us to talk to everyone and bring them
Speaker 5: the fact. So we rely on folks like your listeners
Speaker 5: who contact them and let their opinions be known. That
Speaker 5: AB eight five to seven and any builds that might
Speaker 5: be sort of tied to it are something that they want,
Speaker 5: and that they want the freedom at the local level
Speaker 5: to explore these banks and if they find a model
Speaker 5: that works for them to be able to vote on
Speaker 5: it and make it happen.
Speaker 3: And I suppose that the the argument that these lobbyists
Speaker 3: are using, like you mentioned before, was that the government
Speaker 3: is just too incompetent to print money, which is basically well,
Speaker 3: I think you said these banks a license one.
Speaker 5: Of their arguments. I yeah, that's pretty much it. Well,
Speaker 5: I mean, maybe certainly that they think that that that
Speaker 5: they alone should have that power. Uh, and of course
Speaker 5: it's worked out for everyone so well, right, But the
Speaker 5: you know, one of their main arguments. I mean, they
Speaker 5: bring up a lot of sort of avatars to try
Speaker 5: to scare folks, which are frankly disingenuous. So, for example,
Speaker 5: the bigges thing that they say is, well, these public
Speaker 5: banks will compete with local banks and it'll put them
Speaker 5: out of business. And this You know this. If these
Speaker 5: banks were trying to take the local sort of depots
Speaker 5: and small business lending opportunities away from local banks and
Speaker 5: just replace them, that would be true, but it's not.
Speaker 5: These banks are actually set up and required to work
Speaker 5: through those local and community banks. They're actually barred from
Speaker 5: providing most consumer and business services, specifically to make sure
Speaker 5: that it doesn't negatively impact existing credit opportunities for people
Speaker 5: in California, especially people of lower incomes. So our laws
Speaker 5: designed to help those people. It does try to compete
Speaker 5: with those banks. And if you ask those banks individually
Speaker 5: rather than their lobby associations, which are dominated by Wall
Speaker 5: Street interests, they'll tell you the same. Of Course, a
Speaker 5: legislator cannot talk to the head of multiple credit unions
Speaker 5: when considering a bill. They have hundreds of bills to
Speaker 5: look at, so they rely on lobbyists to tell them
Speaker 5: the truth. But of course they won't usually hear it.
Speaker 5: We have a kind of broken system, frankly, and it's
Speaker 5: not easy for even legislators ones that want to do
Speaker 5: the right thing to get the right information. So in
Speaker 5: this case, you know, a lot of legislators are worried.
Speaker 5: They don't want local banks going out of business because
Speaker 5: the government takes us over. But that's not even remotely
Speaker 5: what's happening here. In fact, Wall Street is the main
Speaker 5: predator of small banks, especially in California, where our community
Speaker 5: banking industry is shrunk to a quarter of its former size.
Speaker 7: This is because those banks have come in, they've pushed
Speaker 7: out those community banks. They've taken their customers through all
Speaker 7: manner of marketing and short term deals, and then once
Speaker 7: they capture those customers, they turn around.
Speaker 5: They raise the rape, they raise the fees, they cross
Speaker 5: sell the accounts, and suddenly banking it's more expensive for
Speaker 5: everyone because it's been monopolized and they've used their market
Speaker 5: power to reduce competition. That's what they want to do
Speaker 5: here too. But they use the language of Las Fairs
Speaker 5: and make it seem like it's us that want to
Speaker 5: monopolize everything. It's just not true, you know. And of
Speaker 5: course they say that these banks will be risky. They're
Speaker 5: putting your money into an unproven financial institution is a risk,
Speaker 5: and that is true. That's why we're ab eight five
Speaker 5: to seven is designed for banks to apply like any
Speaker 5: other bank for app for a charter. Uh, they have
Speaker 5: to prove their viability, to prove they have appropriate capital
Speaker 5: reserves to protect their depositors, especially public depositors, and they
Speaker 5: have to show competence at the management level, you know,
Speaker 5: decades of experience. We're gonna we're gonna need some of
Speaker 5: those former bankers to see the lights, come over and
Speaker 5: run these banks because we need that experience, and we're
Speaker 5: not about to launch them with you know, some person
Speaker 5: straight out of college who wants to work at the
Speaker 5: city hall. They're going to go down the local cronies.
Speaker 3: You know, LESTI you want us a bunch of Trump
Speaker 3: appointees in their running things. That would be a disaster.
Speaker 5: Yeah, that's a very good point. But you know, to
Speaker 5: that to that end, I would just say very quickly
Speaker 5: that these banks are going to be more transparent than
Speaker 5: the private banks that are currently making loans based on
Speaker 5: political decisions. So a feo of a major bank was
Speaker 5: charged just last week for making loans to the Trumps
Speaker 5: in exchange for a job in the White House, Paul
Speaker 5: Madford against his own shareholders interest.
Speaker 3: Paul Metaford, who's in prison right.
Speaker 5: Now, happening in the private industry.
Speaker 3: If the guy's sitting in prison right trying to buy
Speaker 3: a who has to be secretary of the army? Okay,
Speaker 3: trying to buy at a point. But now, David, let's okay,
Speaker 3: David Jenny, you've convinced me. I'm convinced. Okay, now you
Speaker 3: know I was convinced before I called you, but you
Speaker 3: convinced me. Now what do we do now? If I
Speaker 3: want to support ABA fifty seven, who do I call?
Speaker 3: Who will I write to? How do I get this going?
Speaker 5: Well, if you're a constituent in California of someone in
Speaker 5: the state Senate, then you should become familiar with the
Speaker 5: phone number for their office and call them as often
Speaker 5: as you feel comfortable doing and ask them for their
Speaker 5: position around ABA five to seven. Uh. And if it
Speaker 5: gets a Senate bill number, you know, watch our page
Speaker 5: and see what that'll be uh, and tell them that
Speaker 5: you support it and that you support it because you
Speaker 5: want uh public uh your you know, your city or
Speaker 5: county to bank its money locally, to divest from Wall
Speaker 5: Street and to improve investment in the economy in your
Speaker 5: local areas. That's really important, you know, and like I said,
Speaker 5: we're only trying to convince a handful of people in
Speaker 5: the state center right now for this particular bill, But
Speaker 5: in the long term, we're going to need people to
Speaker 5: then organize locally and start banks if they want to.
Speaker 5: If you want this for their city, they're going to
Speaker 5: have to uh lobby their their city halls. They're going
Speaker 5: to need to vote in referendums and participate in public
Speaker 5: talks about the purpose of such banks. Well, how they're organize,
Speaker 5: what they focus on. This is what economic democracy will
Speaker 5: look like. In the same way that we participate in
Speaker 5: our schools UH and we go to community meetings to decide,
Speaker 5: you know, things as neighborhoods and as neighbors, we're going
Speaker 5: to do the same thing with our public investment. And
Speaker 5: it's going to be a new era of of of
Speaker 5: how we organize our day our resources. But you know,
Speaker 5: if you want to help us pass ABA five seven,
Speaker 5: call your centers. If you live outside of California, you know,
Speaker 5: follow us, and if you want to make donations, I
Speaker 5: think we can take donations. I mean, like I said,
Speaker 5: we're not a professional organization in the traditional sense. We're
Speaker 5: not really concerned with raising money or spending it. I
Speaker 5: think all of us would really like to see this
Speaker 5: happen so that we can move to the next campaign.
Speaker 5: But unfortunately it is a calling and it doesn't all
Speaker 5: happen at once. But you know, and of course support
Speaker 5: the media that helps get this kind of stuff to
Speaker 5: your ears and share that media to people you think
Speaker 5: are going to be interested, because a lot of people
Speaker 5: still don't know what public banking is. This call started
Speaker 5: by asking what is public banking? And until I do
Speaker 5: interviews where that is not the first that's what healthcare is.
Speaker 5: When they talk about single payer, Now you may have
Speaker 5: to define single payer healthcare, and I think that's a
Speaker 5: big piece of what activists working on that has to
Speaker 5: deal with. But once that becomes common parlance and everybody
Speaker 5: really understands that single payer, for example, is better for
Speaker 5: them and is not government telling them what doctor to use,
Speaker 5: but rather government paying their bill and taxing rich people
Speaker 5: to do it. Once they figure that out, then it
Speaker 5: becomes a fit of complete And we think it's the
Speaker 5: same with public banking.
Speaker 3: And what can I get more information about public banking?
Speaker 5: You can find us at California Public Banking Alliance dot
Speaker 5: org and mouthful, but it's spelled how it sounds. You
Speaker 5: can follow us on Facebook to Twitter, you know, and
Speaker 5: then follow our legislators, you know, if you want to
Speaker 5: find out on the day to day the folks who
Speaker 5: actually took this bill up and authored it, David Chu
Speaker 5: and Miguel Santiago are both Assembly members, and Miguel's from
Speaker 5: here in LA. They're they're great folks to follow too
Speaker 5: that they're gonna have information about the David Day on
Speaker 5: these bills and a number of other things. But you know,
Speaker 5: it follows on Twitter, or maybe have us back on it.
Speaker 3: So we can get it up to the absolutely definitely.
Speaker 3: Whenever you have a new update, just get ahold of me.
Speaker 3: We'll put you right back on the air. David Jety,
Speaker 3: How can people get a hold of you if they want
Speaker 3: to get a hold of you?
Speaker 5: Yeah, why don't you follow me on Twitter? I asked her?
Speaker 5: My dms there. My Twitter handle is at city at
Speaker 5: syd IoT.
Speaker 3: David Jetty, California Public Banking Alliance and the Public Banking
Speaker 3: l A.
Speaker 5: Thank you so much, my pleasure, Thanks for having me
Speaker 5: on again.
Speaker 3: Good night. Okay, then we had a David Jetty, he's
Speaker 3: ahead of the California Public Banking Alliance. We're talking about
Speaker 3: public banks, okay, as opposed to privately owned banks. You know,
Speaker 3: I talked about these kind of things all the time
Speaker 3: here at the Operaman Report, yelling into the wind. You know,
Speaker 3: it's just fascinating. This should be such a no brainer
Speaker 3: for the average citizen out there, you know, who wants
Speaker 3: a fair deal okay and wants to step up.
Speaker 5: Okay.
Speaker 3: The difference between okay, seeing the enormous profits of the
Speaker 3: banking industry going into the pockets of a few people,
Speaker 3: these stockholders, many of whom never worked a day in
Speaker 3: their life. Okay, they inherited those stocks to begin with,
Speaker 3: never worked the day in their life. Because the stock
Speaker 3: piece of paper they hold in their hand can work
Speaker 3: for them. They don't have to work, okay, as opposed
Speaker 3: to those profits being owned in a state bank or
Speaker 3: a public bank as they describe it here, and those
Speaker 3: profits either going into reducing the costs of goods and
Speaker 3: services or back into the community, building schools, building hospitals.
Speaker 3: And by the way, how we're gonna pay for this?
Speaker 3: What do you call it? The Medicare for All? How
Speaker 3: are we gonna pay for it? How are you gonna
Speaker 3: pay for it. Well, here we got billions of dollars
Speaker 3: in profit. Man, going down a hole into some guy's pocket.
Speaker 3: The devots families, they about forty yachts, okay, Or we
Speaker 3: can have this money going back into into the again.
Speaker 3: You know, you don't want to go into the government.
Speaker 3: We have right now just squandering everything and stealing everything
Speaker 3: that's not nailed down. And again to the merchian payment
Speaker 3: processing industry. I've talked about it many many times. They
Speaker 3: take a cut of every transaction when you use that
Speaker 3: plastic card to privately run that they're basically licensed to
Speaker 3: print your own money. And it's argument that, and it's
Speaker 3: a legitimate argument that, hey, if the government tries to run,
Speaker 3: if they screw everything up, but this is literally a
Speaker 3: license to print money. You know, how do you screw
Speaker 3: that up? Man? You can't screw up the oil industry.
Speaker 3: But the oils in the ground you're pumping out of
Speaker 3: the ground, you send it to a factory. Man, you
Speaker 3: drive it and trucks over to the gas station. That's
Speaker 3: pretty simple, you know, pretty hard to screw up, man.
Speaker 3: But he is right. You know, you don't want to
Speaker 3: jump into something overnight because I told the story about
Speaker 3: how the Post Office changed all those kiosks overnight Christmas
Speaker 3: week and then they didn't work because there's a lot
Speaker 3: of corruption in graft, you know, in public you know, positions,
Speaker 3: you know, and we don't want the you know, people
Speaker 3: like Trump appointing people to run these public banks. You know,
Speaker 3: they stick their friends in there, basically rob the place blind.
Speaker 3: But we can't operate in life. It's just assuming that
Speaker 3: everyone's going to steal from us. There's no hope, there's
Speaker 3: no chance. So it's okay, well, let these private banks
Speaker 3: keep stealing from us, because if we had a public bank, oh,
Speaker 3: they're just going to steal from us too, So we
Speaker 3: can't have it. We have to try at least make
Speaker 3: the effort in the right direction there. So thank you
Speaker 3: so much, David Jetty. California Public Banking Alliance. The bill
Speaker 3: is called A A A B A fifty seven. Okay,
Speaker 3: So if you're in California, Coya Congressman, co your Senator,
Speaker 3: Coyer House representatives there and talk to your friends about
Speaker 3: this and explain to them the difference between having a
Speaker 3: public bank, which works great. By the way, in North Dakota, Okay,
Speaker 3: like you said, the North Dakota's are very very happy
Speaker 3: with their public bank. Man, There's no doubt about that.
Speaker 3: And the only argument could be made is that, hey,
Speaker 3: you're competing with the guys, is that they're stealing all
Speaker 3: the money. You know, our compone didn't want the competition either,
Speaker 3: you know, but you know, sometimes you just kind of
Speaker 3: step up and do your little part here, and it
Speaker 3: would just be so, you know, to let this slip
Speaker 3: through our fingers, Let all of this money slip through
Speaker 3: our fingers. Man, just because we're too lazy to make
Speaker 3: a phone call, you're too lazy to step up, and
Speaker 3: you're too lazy to support ABA fifty seven, And which
Speaker 3: is just a you know, snowball, just getting the ball
Speaker 3: rolling in this concept. But if we could have public
Speaker 3: banks and state banks throughout the country, here the billions
Speaker 3: of dollars, like you said, being sent into offshore, being
Speaker 3: sent to foreign investment, not to be reinvested here in
Speaker 3: this country. And people say America first, Well, here's your chance,
Speaker 3: or if you really believe that, you know, here's your chance.
Speaker 3: ABA fifty seven California Public Banking Alliance. Check it out.
Speaker 3: There's a dot org. All right, be right back after
Speaker 3: these quick.
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Speaker 1: It's the Opperman Report and now here is investigator at Opperman.
Speaker 3: Okay, welcome back to the Opperman Report. I'm your host,
Speaker 3: private investigator at Opperman. I want to thank David Jetty
Speaker 3: there from the California Public Banking Alliance. Once again, very
Speaker 3: simple concept here. You have this banking system that money
Speaker 3: can either go into the hands of a few people,
Speaker 3: a few stockholders, or it could go through that money
Speaker 3: and go to benefit everybody, could go to benefit you
Speaker 3: and me. It's a simple concept, okay, guys. And the
Speaker 3: only reason, the only argument they have is well, the
Speaker 3: government's gonna screw it up, Like well, it's your printing money.
Speaker 3: If you're gonna screw up printing money, you know, then
Speaker 3: then you're gonna screw up anything. So check out the
Speaker 3: California Banking Alliance dot org and if you just put
Speaker 3: in public bank, it comes right up. Okay, listen, guys.
Speaker 3: If you enjoy today's show, check out Operamanreport dot com.
Speaker 3: That's where we have our members sections, which supports the show.
Speaker 5: Here.
Speaker 3: That's how we support ourselves here at the Opperman Report,
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Speaker 3: stuff in Opermanreport dot com. And that's how you support
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Speaker 5: Uh.
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Speaker 3: we're trying to build that up. So guys, so thank
Speaker 3: you so much. Keep in mind a spreaker dot com.
Speaker 3: We make nothing on YouTube, so if you're listening on YouTube,
Speaker 3: and by the way too, there's many many more shows
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Speaker 3: are on YouTube. There's probably about seventeen hundred shows on
Speaker 3: spreaker and about twelve hundred on YouTube, so many more,
Speaker 3: much more content on spreaker, So thank you once again.
Speaker 3: California Public Banking Alliance ABA fifty seven. Guys, it's a
Speaker 3: no brainer. If you want to keep that money in
Speaker 3: your own hands instead of letting it go to spend
Speaker 3: some billion, I could buy another yacht with a helicopter
Speaker 3: on top of it, with a swimming pool on top
Speaker 3: of a helicopter. Okay, think of your own interest once
Speaker 3: in a while. ABA fifty seven. Passssssssssssssssssssssssss