|Posted:||June 20, 2018 12:33 PM|
|From:||Representative Christopher M. Rabb|
|To:||All House members|
|Subject:||Establishing a Public Bank for Pennsylvania|
|In the last 20 years, Pennsylvania has experienced some difficult economic times. Recessions and downturns often pinch access to funds, which prohibits beneficial projects from being started. By creating a State Bank, we can create economic drivers that will help our Commonwealth and our citizens through those difficult times. This is why I plan to introduce legislation to establish the State Bank of Pennsylvania, as a way to help keep driving the economy and provide more revenue for the Commonwealth, an idea promoted on the federal level led by such imminent figures as Alexander Hamilton, Abraham Lincoln, & John F. Kennedy.
My legislation would use the Bank of North Dakota, which has been operating for 99 years, as its blueprint for establishing the State Bank of Pennsylvania. In 2017 and 2018, thirteen states have introduced legislation to study the establishment of a state bank or establishing a state bank using North Dakota as their model.
The State Bank of Pennsylvania would provide loans for infrastructure and other local projects across various industries. The State Bank would work in partnership with private banks in the Commonwealth. It is through that supportive relationship with private banks that the State Bank would promote economic growth through funding and investments. Also, portions of the bank’s revenues can be transferred to Pennsylvania’s General Fund or to help provide increased funding for education at all levels.
I ask for your support and to join me in co-sponsoring this legislation to provide Pennsylvania the opportunity increase economic growth and provide opportunities for its citizens, local governments and businesses.