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Penn alumni lead public banking movement to address racial disparities, take on Wall Street
By Victor Swezey, The Daily Philadelphian – City Councilmember Derek Green introduced legislation to establish a Philadelphia public banking authority on Jan. 28, which would function as a lender to private individuals and businesses, as well as the City of Philadelphia. Green’s legislation, which has received 11 cosponsors including City Councilmember and 1993 College graduate Helen Gym, is the culmination of years of activism by the Philadelphia Public Banking Coalition, which is led by multiple Penn alumni.
Bring our money home. Philly needs a public bank.
By Vanessa Lowe and Stanley Shapiro, Philadelphia Inquirer – Right now, big banks hold Philadelphia’s tax dollars and invest them in the interests of their shareholders rather than the people of Philadelphia. Their schools, streets, and health-care systems are in desperate need. Black and brown communities still struggle to access affordable mortgages and business loans. Philadelphia is working to establish a public bank that invests tax dollars back into their communities and generates reserves for crises like the current one.
Will 2021 Be Public Banking’s Watershed Moment?
By Ellen Brown, ScheerPost – Just over two months into the new year, 2021 has already seen a flurry of public banking activity. Sixteen new bills to form publicly-owned banks or facilitate their formation were introduced in eight U.S. states just in January and February.As Oscar Abello wrote on NextCity.org in February, “2021 could be public banking’s watershed moment.… Legislators are starting to see public banks as a powerful potential tool to ensure a recovery that is more equitable than the last time.”
Letter to the Editor: Public bank needed
By Dee Gamble, Santa Fe New Mexican – If financial investments are just fine as they are, why is New Mexico at the bottom of all the measures for well-being? New Mexico communities have many unmet needs, and it’s high time we do something bold that is successfully functioning elsewhere and is currently being considered by dozens of other states.
Public banking initiatives picking up steam across several states
By Carolyn Duren, S&P Global – Over the last couple months, several states and municipalities have introduced bills to study or implement public banks, potentially changing the financing landscape for large chunks of the country. Most state-level public bank initiatives propose lenders that would use municipal deposits to fund projects within the state, such as infrastructure, agricultural production, economic development, low-income housing or environmental projects.
HB236 to be heard by House Appropriations and Finance Committee (HAFC) this Wednesday
By Alliance for Local Economic Prosperity – The New Mexico Public Banking Act hearing originally scheduled for the HAFC on Tuesday, March 2nd will now be heard on Wednesday, March 3rd at 1:30pm. Let your voice be heard! Offer public comment during the hearing on Wednesday, March 3rd at 1:30pm.
The Pandemic Is Pushing Cities to Rethink How to Drive Capital to Small Business
By Oscar Perry Abello, Next City – State and local governments are using an assortment of tools to push money in the direction of the people and businesses hit hardest by the pandemic — which happen to be disproportionately Black, Indigenous or other people of color. Across the board, progressive legislators are convinced that new public banks would make an economic recovery more equitable, and potentially re-shape banking sectors to be more locally oriented and responsive to local credit needs.
Chicago Aldermen Push Banks Doing Business With The City For More Equitable Lending
By Linda Lutton, WBEZ Chicago – On Monday, Chicago aldermen refused to vote on an annual measure certifying 13 banks as “municipal depositaries,” and openly questioned why the city should keep its money with banks that don’t lend equitably. “JPMorgan Chase only did 1.9% of their [home purchase] loans in Black communities. Bank of America, 2.89%,” said Ald. Daniel LaSpata, 1st Ward, at the finance committee hearing, citing reporting from WBEZ and City Bureau. “How do we make that case to Chicagoans that these institutions should be generating any revenue from our city?”
San Francisco may usher in a new era of public banking
By Glenn Daigon, Who.What.Why – There are signs that the anger against the banks fueled by the 2008 crash, as well as dissatisfaction in how Wall Street invests the public’s money, has opened the door for another option: public banking. Public banks are financial institutions that are owned by one or more public entities, such as a city, county, or joint-powers authority. They can invest, lend, and provide banking services to the local community, and can partner with local financial institutions.
Public Banking Act Stands to Lift State Out of Poverty
MK Mendoza, KSFR | February 17, 2021 Wake Up Call's MK Mendoza speaks with folks from the Alliance for Local Prosperity about The Public Banking Act being put through this legislative session. It proposes to boost the local economy and lift the state out of poverty....
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Episode: Everyone deserves a public bank
“I had the good fortune to work on this initiative before Bernie kidnapped all my time. This is one of those no-brainer initiatives that only the 1% could oppose. It has the potential to save the state millions of dollars by vastly reducing the cost of its bonds to improve infrastructure funding. in a public bank, our state funds can be used to build our local economy and our local infrastructure.”
– Paul Gibson
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