Author and Financial Expert Dr. Nomi Prins, Public Banking Chair Ellen Brown, and Rhode Island State Representative Arthur Handy were joined by other elected officials for a Zoom Town Hall entitled “The National Bank Alternative to Congressional Economic Dysfunction” on February 29, 2024. (Watch here.)

Setting the stage for this timely event, was Illinois Congresswoman Delia Ramirez (D-3rd), who delivered an inspiring 3-minute address via video. Rep. Ramirez is among the 27 members of Congress who are cosponsors of H.R.4052.

On February 28, Congress returned from a long, unwarranted, “Work Period” to tackle, yet again, their inability to craft a budget for the United States government. On March 1, they had to pass the first segment of the budget, kick the can down the road, or shutter parts of the government.

Driving this situation are the ever-deepening federal, state, and municipal budget deficits.  While any recession has been averted in the short term, the economy is stuck in a persistent low-growth mode.  High debt and ongoing deficits are the result, and they are strangling the real economy. Beyond the partisan rancor, a new Broadway play will likely open soon: “How Not to Succeed in Governing Without Really Trying.”

The alternative is to return to the American System of national banking and industrial growth. Support for national banking in all forms is growing. More sponsors are being added to the Congressional bill to create a National Infrastructure Bank, and new initiatives are developing to create state public banks. Resolutions in support of the National Infrastructure Bank have been recently introduced into many legislatures, including Illinois, Michigan, Utah, Kentucky, Rhode Island. New Jersey, New Mexico Wisconsin and more. A new resolution has been sponsored in the New York City Council.

The solution to the crisis in Congress is to restore long-term real economic growth driven by ever expanding infrastructure and industrial development. There must be a shift out of the low-wage service, hospitality, and consumer economy back to real production. While the latest AI craze has some very important benefits, computers cannot think (!), and cannot produce real physical goods! That requires millions of new, high-wage, infrastructure and related jobs.

Every day Europe is dramatically expanding its High-Speed rail service all across the continent, while the U.S. has yet to complete one high-speed line.

The National Infrastructure Bank is the vehicle to alter this situation. The $5 trillion infrastructure-only bank can finance a complete overhaul of our antiquated system and launch an industrial recovery. While Congress procrastinates, the Coalition is mobilizing to ensure that our Nation makes the required leap into the future. Please view this timely event and spread the word. 

Speakers:

Illinois U.S. Rep Delia Ramirez (D-3rd), Chicago

Alphecca Muttardy, former Senior Economist, International Monetary Fund, Fairfax VA

Dr. Nomi Prins, author and former Managing Director Goldman Sachs, Los Angeles

Ellen Brown, Esq, author and Chair Public Banking Institute, Los Angeles

Michael Balls, Saginaw City Council, Saginaw, MI

Rep. Gay Lynn Bennion, Utah State Legislature, Cottonwood Heights, UT

Jack Hanna, Esq, former Chair Pennsylvania Democratic Party, Indiana, PA

Rep. Harry Benton, Illinois State Legislature, Plainfield, Ill

Asw. Jo Anne Simon, New York Assembly, Brooklyn

Rep. Arthur Handy, Rhode Island State Legislature, Cranston, RI

Moderator: Julie Olsen, Chair Alaska Democratic Party Progressive Caucus, Anchorage, AK