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Proposal Details

Proposal ID	531
Proposal	PLATFORM: Amendment to Chapter 4 - Banking and Insurance Reform MO
Presenter	GPUS Platform Committee, Progressive Party of Missouri, sponsor
Floor Manager	David Strand
Phase	Closed
Discussion	08/02/2010 - 08/15/2010
Voting	08/16/2010 - 08/22/2010
Result	Adopted
Presens Quorum	31 0.6666
Consens Quorum	74 0.6666 of Yes and No Votes

Background

GPUS Bylaws Article IX. Platform

9-1.1 The GPUS Platform represents policies upon which most Greens would agree and serves as a basis for Green Presidential and Congressional campaigns. The Platform may only be amended as provided by this Article.

9-1.3 In even numbered years in which there is no Presidential Nominating Convention, the National Committee shall be the decision-making body responsible for amending the platform. The process shall be as established in the GPUS Rules and Procedures.

9-1.4 Amendments to the Platform may be submitted for consideration by any accredited state party or caucus, or any committee whose Mission Statement authorizes it.

Proposal

Add the following text to the 2004 section called, "Banking and Insurance Reform."

Greening the Dollar.

The crisis in our financial system makes it imperative that we restructure our monetary system. The present mis-structured system of privatized control has resulted in the misdirection of our resources to speculation, toxic loans, and phony financial instruments that create huge profits for the few but no real wealth or jobs. It is both possible and necessary for our government to take back its special money creation privilege and spend this money into circulation through a carefully controlled policy of directing funds, through community banks and interest-free loans, to local and state government entities to be used for infrastructure, health, education, and the arts This would add millions of good jobs, enrich our communities, and go a long ways toward ending the current deep recession.

To reverse the privatization of control over the money issuing process of our nation‚s monetary system; to reverse its resulting obscene and undeserved concentration of wealth and income; to place it within a more equitable public system of governmental checks and balances; and to end the regular recurrence of severe and disruptive banking crises such as the ongoing financial crisis which threatens the livelihood of millions; the Green Party moves to:

1. Nationalize the 12 Federal Reserve Banks, reconstituting them and the Federal Reserve Systems Washington Board of Governors under a new Monetary Authority Board within the U.S. Treasury. The private creation of money or credit which substitutes for money, will cease and with it the reckless and fraudulent practices that have led to the present financial and economic crisis.

2. The Monetary Authority, with assistance from the FDIC, the SEC, the U.S. Treasury, the Congressional Budget Office, and others will redefine bank lending rules and procedures to end the privilege banks now have to create money when they extend their credit, by ending what‚s known as the fractional reserve system in an elegant, non disruptive manner. Banks will be encouraged to continue as profit making companies, extending loans of real money at interest; acting as intermediaries between those clients seeking a return on their savings and those clients ready and able to pay for borrowing the money; but banks will no longer be creators of what we are using for money.

3. The new money that must be regularly added to an improving system as population and commerce grow will be created and spent into circulation by the U. S. Government for infrastructure, including the „human infrastructure‰ of education and health care. This begins with the $2.2 trillion the American Society of Civil Engineers warns us is needed to bring existing infrastructure to safe levels over the next 5 years. Per capita guidelines will assure a fair distribution of such expenditures across the United States, creating good jobs, re-invigorating the local economies and re-funding government at all levels. As this money is paid out to various contractors, they in turn pay their suppliers and laborers who in turn pay for their living expenses and ultimately this money gets deposited into banks, which are then in a position to make loans of this money, according to the new regulations.

Resources

none

References

CONTACTS:
Dee Berry dberry7@sbcglobal.net
Marnie Glickman marnie@greenchange.org
Bruce Hinkforth bhinkforth@milwpc.net

Visit the Platform Committee webpage for this proposal at: http://www.gp.org/committees/platform/comments/?p=616.

On the webpage, you can see various formats of the proposal created by the GPUS Platform Committee and the amendment proposal sponsors including the 2004 and 2010 texts side-by-side. You can also read and respond to comments from Greens around the country, including many who are not on the Green National Committee.
Here is the 2004 text of the section being amended:

The Green Party supports a broad program of reform in the banking, and the savings and loan industries that acts to ensure their commonwealth obligations to all communities. Since lending institutions are chartered by the state to serve the best interests of communities, the privileges that come with power at the center of commerce carry special social responsibilities.

1. The government should ensure that low- and moderate-income persons and communities, as well as small businesses, have access to banking services, affordable loans, and small-business supporting capital. Loans should be made available to small business at rates competitive to those offered big business. We support disclosure laws, anti-redlining laws, and a general openness on the part of the private sector regarding criteria used in making lending decisions. We oppose arbitrary or discriminatory practices that deny small business access to credit.

2. We oppose disinvestment practices, in which lending and financial institutions move money deposited in local communities out of those same communities, damaging the best interests of their customers and community. We support the extension of the Community Reinvestment Act and its key performance data provisions to provide public and timely information on the extent of housing loans, small business loans to minority-owned enterprises, investments in community development projects, and affordable housing.

3. We believe Congress should act to charter community development banks, which would be capitalized with public funds and work to meet the credit needs of local communities.

4. Insurance industry regulation is essential to reduce the cost of insurance by reducing

special-interest protections;

collusion and over-pricing, and;

excessive industry-wide practices that too often injure the interests of the insured when they are most vulnerable.

We must prohibit bad-faith insurance practices, such as avoidance of obligations and price fixing.

5. We support federal laws that act to make policies transportable from job to job and seek to prevent insurance companies’ rejecting applicants because of prior conditions. This is a move in the right direction but in no way addresses the scope of the problem, whether in health insurance, life insurance, business, liability, auto, or crop insurance.

6. We support initiatives in secondary insurance markets that work to expand

credit for economic development in inner cities;

affordable housing and home ownership among the poor;

transitional farming to sustainable agriculture, and;

for rural development maintaining family farms.

7. We oppose insurance laws that permit a company to own insurance on its employees.

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