Public Banking in Canada
Octomber 30, 2013

For Immediate Release
Contact: Matt Stannard
Development Director, Public Banking Institute

Canada's Leading Activist Organization Passes Resolution in Support of Public Banking

Sonoma, CA -- At its annual conference and business meeting held October 25-27 in Saskatoon, the Council of Canadians, Canada’s leading social action organization, passed a resolution in support of public banking. The resolution made explicit mention of the Pennsylvania Public Bank Project's recent video, "Your Money is Not Safe in the Big Banks," available on the Public Banking Institute's YouTube channel.

The resolution had been submitted by the Kelowna, BC chapter of CofC through its delegate, Karen Abramsen. It reads as follows:

Whereas since the 2012 AGM a number of events have necessitated the Membership of Council of Canadians to revisit the subject of Public Banking for urgent and essential reasons; and

Whereas depositors’ savings have been relegated to the status of ‘unsecured creditor” and derivative holders (i.e. investment/speculative funds) are now rated as having “super priority status” in the event of bank insolvency; and

Whereas Canadians need to take an active sense of citizenship duty to not abdicate policy to secret private banking agreements to ensure the safety of Canadian depositor funds are protected; and

Whereas the twelve minute video “Your Money is Not Safe in the Big Banks” produced by the Pennsylvania Public Banking Project (at the following URL: http://youtube/f-sHAwNfoL4), clearly explains why funds of Municipalities and Canadian citizens held in Canadian banks may be at risk:

Therefore be it resolved that the Council of Canadians endorses and supports in principle the initiative to develop a Canadian Chapter of the Public Banking Institute.

Canadian public banking advocate and Council of Canadians member Alan Blanes said the resolution "indicates a will to further the presence of public banking in Canada." He says a growing number of municipalities "are interested in having their deposits used to establish municipality-owed public banks."

According to its web site, the Council of Canadians advocates for "clean water, fair trade, green energy, public health care, and a vibrant democracy."

The Public Banking Institute is a U.S.-based nonpartisan organization devoted to education towards advocacy of transparent, publicly-owned banks. Supporters of public banking are currently launching a Friends of Public Banking campaign with a goal of creating public banks in all fifty states in the U.S.

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