Pamela Powers Hannley, who is running for an LD9 House seat, hopes to work with lawmakers to build a diversified and sustainable economy. To that end, Hannley supports public banking and economic reforms like ending corporate welfare.
According to Powers Hannley, “Every state, county and city in the US [except North Dakota] holds its rainy day funds in a too-big-to-fail bank and those taxpayer funds are invested on Wall Street for the good of the banks’ shareholders.” She put together a video to educate the public “about sustainable, diversified economic development through low-interest loans to local, small businesses, entrepreneurs, and college students. Through a community bank/public bank partnership loans can be made in the public interest to grow new businesses, expand existing businesses, and create good-paying jobs. The modest interest earned by these loans can be used to fund debt-free infrastructure, public education, and community services like libraries, community centers, and pools.”
Public banking is built upon a public-private partnership between the public bank and community banks. The goal is “banking in the public interest”—funding projects that help the people and the community.
“Public banking is the direct opposite of crony capitalism,” says Powers Hannley, co-director of Arizonans for a New Economy and Vice Chair of the Public Banking Institute. “Decisions are made by bankers—not by politicians. The goal is to build the economy for everyone—not line the pockets of a few.”
“I want to help local small businesses grow and thrive. Local businesses that are born and raised in Tucson are not going to leave us. I’ve lived in Tucson for 35 years,” continued Powers Hannley. “There is a long list of businesses that were ‘lured’ here with giveaways and tax breaks that later left Tucson or closed. That’s not sustainable economic development.”
“Tucson has many opportunities. According to data from the UA’s Eller Center, Tucson has one of the highest rates of patent-holders in the US,” says Powers Hannley. “Why are we spending millions luring businesses from elsewhere when we should be helping these inventors get their start-ups off the ground?”
“Public banking is a whole new way of doing business. There is a lot of grassroots support for this concept. People are tired of businesses as usual. The demise of the Pima County bond issue should be a wake-up call to local government. Forty percent of the world’s banks are public banks; public banking is growing economies and building debt-free infrastructure around the world.” Powers Hannley asks, “Why not here?”
“We should be helping local businesses grow and expand—and helping start-ups get off the ground. That’s diversified economic development.” Powers Hannley argues, “That will bring good-paying jobs to Tucson.”
“I’ve seen my children and their friends who are in their 20s and 30s struggle to find decent jobs in a state with few opportunities for college graduates.” Powers Hannley concludes, “I want my grandchildren to have opportunities.”