DECARBONIZATION SAVINGS BANK

The Decarbonization Savings Bank rewards all Maine residents for investing in the development of “green” infrastructure that will replace the fossil fuel-dependent infrastructure on which our inherited economy depends. A basic bank function is to gather small deposits and issue mortgages, i.e., large loans.

Key aspects of this bank are:

Deposits
  1. A guaranteed 3% return for small deposits of $1 to $50,000. Interest earned above $50,000 are returned as a dividend.
  2. Simplicity. Transactions are limited to straightforward deposits and withdrawals.
  3. Focus is on savings. Your money is always available to you. Deposits are made with one-click simplicity. Transfers can be made as direct deposits to commercial banks or on-line payment systems, and withdrawals can be made as debits within the State.
  4. Low overhead and administrative cost. Simplicity allows most bank functions to be fully automated. This in turn allows margins between interest paid to depositors and interest charged to borrowers to be small.
  5. Deposits are insured by FDIC.
  6. Privacy ensured for bank users. No depositor information is to be sold or exchanged. Your information is only used for the basic functioning of the bank and management of your accounts.
Mortgages
  1. Bank will issue mortgages for large-scale projects that involve purchases of industrial real estate, equipment, and labor contracts intended to replace ecologically harmful industries within the State and to transform them into ecologically sustainable ones.
  2. Mortgages will be issued to single-purpose limited lifespan corporations that will be chartered by the State of Maine and whose charters will expire upon completion of the task for which the mortgage is issued and the final payment is made.
  3. These single-purpose corporations will be chartered as B corporations.
  4. Depositors will participate in the selection of these mortgages by vote where bank funds limit the number of available mortgages.
  5. Applications are reviewed and presented to voters by bank commissioners who themselves are elected by depositors.
  6. Conflicts of interest among commissioners are strictly forbidden.
  7. Debt obligations will be serviced by margins between mortgage interest and payout to depositors, and also by licensing of technologies developed by bank-funded projects.
  8. Patents will not be sought for core technologies. Good ideas that save the planet need to spread.
The Green New Deal invokes the New Deal, which involves an “alphabet soup” of permanent and temporary government programs (Social Security and FDIC as examples of the former, and CCC, PWA as examples of the latter), many of which were made possible through funding provided not by direct appropriation by Congress, but by the Reconstruction Finance Corporation, a sort of public bank.

A public bank is a necessary component of financing the Green New Deal. It deflects the “tax-and-spend” trope that is often used to shut down efforts by government to invest in our future. This mechanism is self-funding, voluntary, and is a mechanism for workaday Mainers to actively finance the transition to an environmentally sustainable economy and to realize for themselves the return on their direct investment in this effort.

See Eben Rose Webpage: https://www.ebenrose.com
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