Anonymous
Anonymous asked in Politics & GovernmentPolitics · 10 years ago

Is this a decent way to control local government spending and put more power in the hands of the people?

A local city councilman told me about this proposal he had put forth and I wanted to see what you think about it:

Let's say a city opened a community bank that all their funds are placed in.

The bank's board of directors is made up of a group of rotating citizens and every decision the bank makes is put to a vote of the city's taxpayers.

So, for example, if the city wants to take out a massive loan to build a football stadium then the citizens decide whether or not the loan is granted.

The bank, of course, could also be used to provide loans to citizens for small businesses and such with good interest rates.

Is this type of regional communitarian bank a feasible concept?

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  • 10 years ago
    Best Answer

    Interesting. I propose two minor changes to your plan.

    Instead of putting every single financial transaction up for a vote by the citizens themselves I think perhaps maybe once every year the citizens divide themselves into groups based on geographical location(lets call them "districts") and elect one person to represent their point of view. Then we take all those representatives and let them vote on what happens with the money in your bank. That way, ALL the busy citizens don't have to take time out of their day to review the proposed transactions of the bank, but instead they elect representatives whose job it is to do so.

    Secondly, I propose we name the group of representatives the "City Council" and then name the community bank "City Hall."

    Other than those minor changes, I fully support your plan!

    Source(s): ;)
  • 10 years ago

    I frankly see no point in its existence. Cities that want to borrow money already can, by issuing bonds. (And, indeed, bond-issuance is usually put to a citizen vote already.) Citizens who need money already can borrow it from banks.

  • Gunny
    Lv 7
    10 years ago

    The idea is a good one, so it will be fought with a fear campaign calling it Communist all the bad or republican ideas have precedence...

    Source(s): GOPedia
  • Anonymous
    10 years ago

    Vote for the proper candidate.

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