Bozeman Group to Host Discussion about Alternatives to Big Banks

Occupy Bozeman invites public to free event, representatives from Montana state bank working group and local credit unions to speak.


FOR IMMEDIATE RELEASE

BOZEMAN, MT — Occupy Bozeman, a Montana group in solidarity with the international Occupy movement, invites the public to a discussion about alternatives to corporate banks. Representatives from local credit unions, as well as from a working group aimed at creating a Montana state-run bank like that of North Dakota, will speak and answer questions. The free event will be held at the Gallatin Labor Temple, located at 422 E. Mendenhall St., from 1:30 to 3:30 on Sunday, April 29th.

Occupy Bozeman says it is organizing the event to provide information to people who are concerned about the effects of corporate banks such as Wells Fargo, which has been the focus of a divestment campaign sponsored by the group. Occupy Bozeman says that corporate banks have abused the taxpayer support provided by the 2008 bailout, engaged in fraudulent practices, and hurt the economy. The group says there are many benefits to credit unions and state banks, including fewer fees, lower interest rates, and greater economic stability. Members of the group who have been working with other organizations to create a state bank in Montana point to the success of the Bank of North Dakota, which has been in operation since 1919.

“The basic idea of a Montana state bank is that the government at the state and municipal level would take their money out of corporate banks like U.S. Bank—which uses the money to make loans for whatever they want—and put it in a bank that creates revenue and economic development in Montana,” says Josh Davis, who has been working with the Public Banking Institute and the Montana Organizing Project to introduce legislation for a state bank. Davis says the idea is gathering support from across the political spectrum and has a good chance of success.

The event on April 29th will provide a chance for the public to learn more about state banks and credit unions, which are not-for-profit financial cooperatives.

Occupy Bozeman meets regularly in general assemblies and working groups to coordinate actions in the interest of “the 99%.” Anyone is free to participate in general assemblies or to independently organize actions that support the goals of the Occupy movement. Information about Occupy Bozeman can be found at http://occupybozeman.org.