NY proposes electronic public banking platform


In November, New York State Assemblymember Ron Kim, Senator Julia Salazar, and Cornell law professor Robert Hockett, a member of the Public Banking Institute Advisory Board, announced their Inclusive Value Ledger (IVL) proposal. Jordana Rosenfeld reports in Vice that the bills — Assembly Ordinance 8686, and Senate Ordinance 6792 — would create the country’s first publicly owned electronic banking platform, as well as a digital currency that can be exchanged for goods and services within the state. Rosenfeld quotes Hockett, who asks:

“Why should we have to pay to use a payment system? It’s like paying to use a street.”

Does this mean the professor objects to paying to use a street as well?

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