Model Resolution

We welcome the support of city councils, Boards of Selectmen, or other municipal boards. Passing the model resolution below, which you can edit to reflect local needs and concerns, demonstrates your support for public banking to your state legislators, to legislative leadership, and to the Governor’s office.

Please contact us for more information. We are eager to work with you!

WHEREAS The 2008 financial crisis exposed the banking sector’s lack of internal risk controls and a bias toward short-term profitmaking; and

WHEREAS In addition to financial risks, large national banks often invest in companies that profit from economic activities that are at odds with the values professed by our town and held by its residents; and

WHEREAS One alternative, successfully executed in North Dakota and being explored in several cities and states across the country, is the formation of a public bank; and

WHEREAS A public bank operates in the public interest and is owned by citizens through their representative government; and

WHEREAS Public banks may partner with existing community banks, credit unions, financial institutions and development agencies to provide affordable credit for public-interest development projects including public transportation, schools, public safety infrastructure, public buildings such as senior or recreation centers, climate change mitigation and adaptation, bike paths and walkways, and local roads; and

WHEREAS The state of North Dakota, which created a state publicly-owned bank, The Bank of North Dakota (BND), in 1919, and which maintains relationships with local community banks throughout the state this year celebrated a century of successful service to the state’s economy and economic development; and

WHEREAS The Bank of North Dakota, during the 2008 financial crisis maintained budget surpluses with zero public debt, had the lowest foreclosure and unemployment rates in the nation, the lowest amount of credit default swaps, zero bank failures, experienced an increase of total assets seven fold over the last two decades, returned $385 million to that state’s General Fund over the same period, and avoided costly fees and unnecessary risks associated with other outsized banking institutions; and

WHEREAS Legislation to create a pathway to the establishment of municipal or regional public banks has been passed in California and has been filed in several other states, including Washington, New Hampshire, Maine, and Arizona; and

WHEREAS the state of New Jersey has established a commission charged with establishing a public bank in that state; and

WHEREAS H.935/S.579, An Act Authorizing the Massachusetts Infrastructure Bank, was filed in the 2019-2020 legislative session, which would enable the state to create a public bank focused on funding for municipal infrastructure projects; now therefore be it

RESOLVED: That [name of board or council] supports creation of a public bank for the Commonwealth of Massachusetts, and be it further

RESOLVED: That the [chair of board or council president] be and hereby is requested to present a copy of this resolution to [state Representative, state Senator, and Governor].

APPROVED ________________________ ON DATE ___________________________

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