Transition Whatcom

I am copying Katie's comment here first so that all comments related to this discussion will be together.






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New Bill to found a State Bank for Washington, sponsor Rep Bob Hasegawa, 11th LD

 

Dear neighbors,
 
We have a bill!  
After months of hard work we have a bill that will create the Washington Investment Trust (WIT).  It is a simple concept that I believe will reap huge benefits for Washington State (I’ve attached a summary of the bill to this email).  
 
The concept:  keep taxpayers’ money working here in Washington to build our economy.  Currently, all tax revenues go into a “Concentration Account” held by the Bank of America.  BoA makes money off our money and we never see those profits again.  Instead, we can create our own institution and keep taxpayers’ dollars here in Washington, working for Washington.
 
I think this concept will also have the potential to bring huge benefits to our state.  Some of which include:  Increased access to capital--access to capital is small business’ #1 barrier to success/survival; Support students and schools; Infrastructure and capital projects; Housing development; Support local farms and farmers; Long term economic stabilizer to get us through tough times down the road; and the biggest benefit, not well understood by most, is that banks literally create money.  Following standard fractional reserve banking practices that all banks follow, the WIT can literally create money for Washington, up to 10X reserves, that we can use to stimulate development and our economy to build the envy of the U.S. because we have such a strong foundation to build upon.  From education to transportation, tourism to vegetarianism, energy to technology, we can build the finest economy and infrastructure in the country.
 
The bill creates the Washington Investment Trust (WIT) in statute, governance structure, ethics, transparency and accountability requirements, etc.  It creates a Blue Ribbon Founding Task Force of finance experts to develop an operational plan for the WIT.  But, the WIT will not become operational until after the 2012 legislature passes trailer bills that will be recommended by the Task Force.
How much good WIT can do depends on how much we’re willing to capitalize the bank.  As it builds capital capacity over the years, it will become an invaluable resource for the state in weathering economic downturns.
 
We don’t have a bill number yet.  I will be “dropping” the bill on Monday morning and hopefully we will get assigned a bill number by that day or the next.  I can send it out to you once we get the number so you can track its progress at this 
link
 
We have a hearing (hopefully)!
Many of you might already know this, but in order for a bill to get to the House and Senate floor for a full vote it first has to get out of its assigned committee.  We think that it is most likely the bill will be assigned to the 
Business and Financial Services Committee in the House and the Financial Institutions, Housing & Insurance Committee in the Senate.  We can keep you updated if this should change though.  
 
We also have a tentative date scheduled for a public hearing for the bill.  Of course, things can always change down here in Olympia, but we are hopeful that we will have a public hearing on January 25
th in both the House and the Senate.  As we get more details I will send them out.  
 
We have a report!
The Center for State Innovation has completed an analysis that looks at the impact a state bank could have specifically here in WA state.  It is full of information and is a good way to get some more background information on the potential a bank can have for WA State.  I’ve attached a copy of the report to this email as well.
 
And last but not least, we have you!
The more support we can build from folks like you…the better. We have to show that there is support for this concept from the people of WA State.  This is a non-partisan issue and we want to get support from everyone who thinks this has the potential to do good things for our state.  If you have networks, friends or family who think this is a good idea please spread the word.  If they can call or email their representatives that is great too.  
 
If you can come out to Olympia to testify in support for the bill that would be even better!  The more support we have for the bill the better.  If the bill is going to have a chance to get to the floor for a vote by the full House (and Senate) we have to be able to get it out of the committee first.  
 
I will be in touch with more details as things progress!  And as always you can feel free to email me or give my office a call if you have any questions.
 
-Bob
 
 
Bob Hasegawa 
        
Washington State Representative 
        
11th Legislative District 
http://hdc.leg.wa.gov/members/hasegawa/ 
Hotline: 800/562.6000
Phone: 360/786.7862
Legislative Aide:  Marissa Chavez
 
Olympia Office: 
        
Mod B, Room 201 
        
P.O. Box 40600 
        
Olympia, WA 98504-0600 
        
360/786.7862
 

The only thing I remember hearing in our discussions about planning the event related to expenses is that there may be money available from TW. Now that we are starting to spend more it seems a good idea to include that in the discussion next meeting. Perhaps project what our costs might be - speakers, flyers, other - and how we're going to cover them.

 

I started an Excel worksheet to document I/E. Please let me know when you have spent or taken in $$ and I will plug it in so we have a running record.

 

Thanks - Shirley

Attachments:

Last week I made the reservation for BUF Sanctuary for April 16 - reserved from noon to 5. In the paper work titled "Facility Use Conditions and Regulations" item #21 states a "Certificate of Insurance" is required prior to the event. This is in addition to the $300 deposit, which I made. The office assistant told me that could be a certificate from our organization or if the organization doesn't have insurance coverage then someone in the group could get a rider on their own policy. She said that is to cover any damage or accidents so that BUF has no liability for such damage or injury. Laura, as a member of the TWOG, I hope you can tell us whether TW has such a policy. And, if not what do we do?

 

Also, Caitlyn, I hope we can discuss and come up with goals or objectives for our "bank" panelists at our next meeting.

TW does not have insurance but can purchase it through our partnership with Sustainable Bellingham.  I don't know how much it costs but I know insurance can be purchased for single events (that's what happened for the Unleashing).  So far our expenses (that I know of) are $150 for the venue and however much for insurance, and however much for advertising.  Anything else? Are the speakers going to cost us money?

 

A proposal to the TWOG should include a total amount needed, a description of what the funds will be used for, and when the funds are needed.  It is encouraged that groups figure out a way to repay the money if possible, so the TW fund can be perpetual. 

 

I agree with Shirley, it's a really good idea to get this squared away at the next meeting.

I've made a google doc to organize the planning for the Move Your Money Campaign. If anyone wants to help us plan and do publicity, please send me a message and I'll add you to the google doc.  Thanks!
I've made preliminary contact with 1) Chair, Social Justice Committee at BUF, and 2) BTV Channel 10. I can share details at our meeting Sunday. One question that needs to be answered for BTV10 that I hope Laura can research for us -- Does/has Transition Whatcom received any pubic financing, e.g. government (local or otherwise) grants?
For more info about Kristi Laguzza-Boosman here is a link to her website

http://www.klbcommunityconsulting.com/

And I've attached her paper which she shared at her teach-in talk in the spring.

 

Diane - if Jared is coming up for the Joe Show how about getting him on KGMI morning talk show (with Patty and Joe) to expand the audience. 

Attachments:

This link came to me from Katie this morning and it shows the power of the Move Your Money campaign. Truthout has also posted the story.


http://www.alternet.org/newsandviews/article/515607/awesome%3A_wisc...

be sure to follow the update links.

This client letter from the CEO of Business Bank was forwarded to me today. Good news for Business Bank.

OPPORTUNITY

Dear Business Bank Customers and Shareholders,


It is with great pleasure that I am writing this letter to you.  In 12 months we have taken Business Bank from the brink of failure to the steps of opportunity.  As you recall, our original goal was to raise $2.5 million in new capital to keep the bank alive.  We were successful in that effort and reached that number on December 17th, 2010.  We have raised an additional $1 million since then, increasing the total amount of new capital to $3.5 million!

On March 31st, the stock offering will close.  Since September of last year we have simultaneously worked towards correcting the remaining issues at Business Bank, taking care of our customers and increasing capital in order to assure our survivability.  With our current capital ratio above 7%, the bank's survivability is no longer is question.  More capital however allows us to get back to profitability, accomplish the goals we have established for Business Bank and ultimately provide our shareholders with a return on their investment.

Now is your opportunity to make an investment at $1.60 per share.  There is an $8,000 minimum for new investors and current shareholders can invest any amount.

I encourage you to share this opportunity with others and let them know that the offering is about to close.  With closing and acqusitions of several other local and regional banks over the past year, Business Bank is one the the few remaining true community banks in our area and is poised for success in the years to come. 

If you would like a subscription agreement sent to you or if you have any questions, please call me at (360) 707-2272 or send an e-mail tomcann@businessbankwa.com.


Your support as a customer, shareholder or both is imperative to Business Bank's success.

Mike Cann
President & CEO

 

Any one who missed the Teach In Dianne organized and led last spring you can view it on Youtube now.

 

Introduction by Dianne - Beginning of teach in

http://washouts.blogspot.com/2010/05/financial-collapse-20-teach-in...

Beginning of Kristi’s talk (segments 10-15)

http://washouts.blogspot.com/2010/05/financial-collapse-20-teach-in...

 

Peggy Borgens taped it and I just learned will be taping the one coming up. Whahoo! A big THANK YOU to Peggy for all the hard work you do documenting our community work in Whatcom County!

I have recently joined Transition Whatcom to specifically network with other Transition groups in support of establishing a state bank in Washington.  As outlined in HB3162 by Bob Hasegawa the removing the profits corporate banks make off our money would solve most of our economic woes.  I have signed up for legislative reports on this bill which I think is still on the agenda.  Would like to hear from others as to their views/activities  on this bill and how we might further it as a cause.  Also updates on progress on Move Your Money.  Cheers to all your TW mambers for all the great enthusiasm and dedication you have shown.  Maxine Walker, Transition Snoqualmie Valley
Shirley Jacobson said:

New Bill to found a State Bank for Washington, sponsor Rep Bob Hasegawa, 11th LD

 

 

Dear neighbors,
 
We have a bill!  
After months of hard work we have a bill that will create the Washington Investment Trust (WIT).  It is a simple concept that I believe will reap huge benefits for Washington State (I’ve attached a summary of the bill to this email).  
 
The concept:  keep taxpayers’ money working here in Washington to build our economy.  Currently, all tax revenues go into a “Concentration Account” held by the Bank of America.  BoA makes money off our money and we never see those profits again.  Instead, we can create our own institution and keep taxpayers’ dollars here in Washington, working for Washington.
 
I think this concept will also have the potential to bring huge benefits to our state.  Some of which include:  Increased access to capital--access to capital is small business’ #1 barrier to success/survival; Support students and schools; Infrastructure and capital projects; Housing development; Support local farms and farmers; Long term economic stabilizer to get us through tough times down the road; and the biggest benefit, not well understood by most, is that banks literally create money.  Following standard fractional reserve banking practices that all banks follow, the WIT can literally create money for Washington, up to 10X reserves, that we can use to stimulate development and our economy to build the envy of the U.S. because we have such a strong foundation to build upon.  From education to transportation, tourism to vegetarianism, energy to technology, we can build the finest economy and infrastructure in the country.
 
The bill creates the Washington Investment Trust (WIT) in statute, governance structure, ethics, transparency and accountability requirements, etc.  It creates a Blue Ribbon Founding Task Force of finance experts to develop an operational plan for the WIT.  But, the WIT will not become operational until after the 2012 legislature passes trailer bills that will be recommended by the Task Force.
How much good WIT can do depends on how much we’re willing to capitalize the bank.  As it builds capital capacity over the years, it will become an invaluable resource for the state in weathering economic downturns.
 
We don’t have a bill number yet.  I will be “dropping” the bill on Monday morning and hopefully we will get assigned a bill number by that day or the next.  I can send it out to you once we get the number so you can track its progress at this 
link
 
We have a hearing (hopefully)!
Many of you might already know this, but in order for a bill to get to the House and Senate floor for a full vote it first has to get out of its assigned committee.  We think that it is most likely the bill will be assigned to the 
Business and Financial Services Committee in the House and the Financial Institutions, Housing & Insurance Committee in the Senate.  We can keep you updated if this should change though.  
 
We also have a tentative date scheduled for a public hearing for the bill.  Of course, things can always change down here in Olympia, but we are hopeful that we will have a public hearing on January 25
th in both the House and the Senate.  As we get more details I will send them out.  
 
We have a report!
The Center for State Innovation has completed an analysis that looks at the impact a state bank could have specifically here in WA state.  It is full of information and is a good way to get some more background information on the potential a bank can have for WA State.  I’ve attached a copy of the report to this email as well.
 
And last but not least, we have you!
The more support we can build from folks like you…the better. We have to show that there is support for this concept from the people of WA State.  This is a non-partisan issue and we want to get support from everyone who thinks this has the potential to do good things for our state.  If you have networks, friends or family who think this is a good idea please spread the word.  If they can call or email their representatives that is great too.  
 
If you can come out to Olympia to testify in support for the bill that would be even better!  The more support we have for the bill the better.  If the bill is going to have a chance to get to the floor for a vote by the full House (and Senate) we have to be able to get it out of the committee first.  
 
I will be in touch with more details as things progress!  And as always you can feel free to email me or give my office a call if you have any questions.
 
-Bob
 
 
Bob Hasegawa 
        
Washington State Representative 
        
11th Legislative District 
http://hdc.leg.wa.gov/members/hasegawa/ 
Hotline: 800/562.6000
Phone: 360/786.7862
Legislative Aide:  Marissa Chavez
 
Olympia Office: 
        
Mod B, Room 201 
        
P.O. Box 40600 
        
Olympia, WA 98504-0600 
        
360/786.7862
 

 

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