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Intro to public banking video
Reclaiming Public Development Banks to Finance a Sustainable & Equitable Recovery Post COVID-19
By Thomas Marois and Maria Jose Romero, In Depth News – Public development banks – and here we are talking about multilateral institutions, but also often overlooked national banks like Germany’s KfW, India’s NABARD, Colombia’s Findeter, and the Development Bank of Southern Africa – are in a unique and powerful position to play a major role in tackling the crises arising in today’s world.
How The US Could Achieve 100% Financial Inclusion Through Local Public Banking
By Nik MIlanovic, Forbes – Banking in the United States has become – like many other critical services – stratified along class lines. Consumers with more assets and higher spending are rewarded for being customers with benefits like high APYs and robust credit card points. Poor consumers, meanwhile, are taxed for using financial services through fees and high APRs. It is time for regional municipalities to create public, state-owned local banks focused on driving 100% financial inclusion.
Rashida Tlaib and AOC have a proposal for a fairer, greener financial system — public banking
By Emily Stewart, Vox – Proposed by Rashida Tlaib and Alexandria Ocasio-Cortez, the Public Banking Act wouldn’t create public banks by itself, but would foster the creation of public banks across the country by providing them a pathway to getting started, establishing an infrastructure for liquidity and credit facilities for them via the Federal Reserve, and setting up federal guidelines for them to be regulated.
Buying Local, Expanding Agriculture
By Katherine Lewin, Santa Fe Reporter – The COVID-19 pandemic’s economic devastation has exacerbated another lingering problem in New Mexico: food insecurity. In a bid to alleviate New Mexicans’ worsening battle with hunger on a county level, the Santa Fe County Commission passed a resolution Tuesday to implement a new plan for improving access to local and regional produce and meat.
Downturns may be the best time to start a bank with a mission to serve underserved or disinvested communities
By Oscar Perry Abello, Next City – Cities and states are considering ways to use public dollars to create state-owned or city-owned banks as part of recovering from the COVID-19 recession. With its mission and its seed money from the state, Virginia Community Capital opened for deposits on August 20, 2008 — smack dab in the middle of the Great Recession.
PNM merger could help the company make significant strides in transition to renewable energy
By Collin Krabbe, Albuquerque Business First – A proposed merger between Albuquerque-based electric utility PNM Resources, one of New Mexico’s largest companies, and Conneticut-based Avangrid Inc. sent shockwaves through the energy community. The deal — worth $4.3 billion — is expected to lead to “substantial” job increases for PNM and a quicker adoption of renewables, officials said following the announcement on Wednesday.
New Mexico hospitals face massive revenue losses, many primary care services struggling
By Tommy Lopez, KOB-TV – Hospitals in the state have lost more than half a billion dollars in revenue—$519 million. Federal and grant funding has given a $367 million boost to state groups, but that doesn’t offset the losses, leaving a collective net deficit of $152 million. Plus, state health leaders say health groups can’t always use 100% of what they receive from the federal government because of the stipulations attached.
Industrial Commission Approves New Bank of North Dakota COVID Relief Program
By Bank of North Dakota – The Industrial Commission approved a $50 million interest buydown program to be administered by Bank of North Dakota (BND) for businesses with decreased revenue related to the COVID-19 pandemic. The program, COVID PACE Recovery II, (CPR II), will be funded by CARES Act dollars assigned to Bank of North Dakota, the only state-owned public bank in the United States.
Public banks offer advantages to customers
By Frank Sanitate, Santa Barbara News-Press – Both community wealth and private wealth are important. But private wealth has a significant advantage which communities are not taking advantage of now. Community wealth needs to imitate private wealth in taking this advantage. What follows is why and how communities can do this.
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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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