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      People in New York City joined a "Stop Dirty Banks" national day of action on March 21, 2023.

      After Bank Collapses, US Regulators Urged to Impose Rules on Climate-Related Financial Risk

      "If management at a wide swath of banks failed to properly address a well-understood risk, they cannot be trusted to independently address other complex emerging risks," argued 50 green groups.

      Jessica Corbett
      Mar 28, 2023

      In the wake of recent bank collapses and protests across the United States demanding financial institutions end fossil fuel financing, 50 climate, environmental justice, and Indigenous rights groups on Tuesday advocated for new regulations.

      "We the undersigned strongly urge financial regulators and Congress to learn from the collapse and bailout of Silicon Valley Bank (SVB) and rapidly implement new regulations to mitigate against climate-related financial risk," the coalition wrote.

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      The Bank of North Dakota headquarters is located in Bismark.

      It's Time to Change the Rules of the Banking Game

      A state-owned bank on the model of the Bank of North Dakota can provide low-interest loans, liquidity, and financial sovereignty.

      Ellen Brown
      Mar 26, 2023

      On CNN March 14, Roger Altman, a former deputy Treasury secretary in the Clinton administration, said that American banks were on the verge of being nationalized:

      What the authorities did over the weekend was absolutely profound. They guaranteed the deposits, all of them, at Silicon Valley Bank. What that really means… is that they have guaranteed the entire deposit base of the U.S. financial system. The entire deposit base. Why? Because you can't guarantee all the deposits in Silicon Valley Bank and then the next day say to the depositors, say, at First Republic, sorry, yours aren't guaranteed. Of course they are.

      …So this is a breathtaking step which effectively nationalizes or federalizes the deposit base of the U.S. financial system.

      The deposit base of the financial system has not actually been nationalized, but Congress is considering modifications to the Federal Deposit Insurance Corporation (FDIC) insurance limit. Meanwhile, one state that does not face those problems is North Dakota, where its state-owned bank acts as a "mini-Fed" for the state. But first, a closer look at the issues.

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      Speaker of the House Kevin McCarthy (R-Calif.) holds a town hall meeting at the Fox Theater in Bakersfield, California on January 19, 2023.​

      White House Insists Debt Default Won't Be Negotiated as McCarthy Says He Is 'Coming to Negotiate'

      "There is a degree of irony to McCarthy's pitch: The 'American people' he claims to be negotiating on behalf of are the same people he's threatening to hurt—on purpose—by way of the Republicans' debt ceiling crisis," said one critic.

      Jessica Corbett
      Jan 31, 2023

      "Raising the debt ceiling is not a negotiation; it is an obligation of this country and its leaders to avoid economic chaos."

      That's according to a memorandum the White House sent to House Speaker Kevin McCarthy (R-Calif.) ahead of his Wednesday meeting with U.S. President Joe Biden amid concerns that congressional Republicans will try to force unpopular spending cuts in exchange for raising the country's arbitrary borrowing limit to prevent a global financial crisis.

      "Mr. President: I received your staff's memo," McCarthy tweeted Tuesday. "I'm not interested in political games. I'm coming to negotiate for the American people."

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