My name is Dylan Hallsmith, I am the National Campaign Manager of Public Banking Institute, a 501(c)3 non-profit organization focused on duplicating the success of the Bank of North Dakota, the nation’s only public bank, in all fifty states. We are building a coalition in Virginia to return Virginia’s money (taxes and fees that are currently deposited in out-of-state banks) to depository banks in Virginia.
The Virginia Coalition to keep Virginia money in Virginia is a commonsense approach to building a deposit base of public money and then using it within the state. The Commonwealth of Virginia paid over $400 million in bond financing costs in 2013 alone, while the self-sufficient state of North Dakota issued no bonds while their infrastructure and other capital projects were financed using their own bank deposits.
We can do the same in Virginia. Virginia tax rates would effectively be lowered, and our economy would thrive because the interest that is paid for these public projects and loans are returned to the very same people whose taxes were used as a deposit base to fund loans. It’s time for us to stop paying interest on debt that we could issue and manage within our own state.
It is my pleasure to invite you to become a founding partner of this coalition. With your help we can develop enough public and legislative support to save Virginia taxpayers $400 million a year.
For more information and to see the Virginia Coalition goal statement, feel free to check out our website VACoalition.org. There you can register to participate in our weekly conference calls. As a founding member, you will be invited to our kick-off event happening at the Stonewall Jackson Hotel, in Staunton, Virginia, in the Spring of 2014.
I’ll call you within a week as a follow up and am looking forward to discussing if you can support the Virginia Coalition as a founding member.
National Campaign Manager, Public Banking Institute