Press Room & Media
In the News
Will New York Launch a Public Bank?
By Sadef Ali Kully, CityLimits – Now is the time to create a public banking system as the New York City prepares for deep budget cuts amid an inequitable economic crisis stemming from the Coronavirus pandemic. Through public banking, New York can reinvest in local communities and strengthen their economy. Now is the time to create a public banking system as the city prepares for deep budget cuts.
The pandemic made the racial wealth gap worse: These 8 policies could fix it
By Kristin Toussaint, Fast Company – As lawmakers plan our country’s economic recovery from the pandemic, it’s an opportunity to address the decades-old racial wealth gap. From postal banking to Medicare for All to baby bonds, this series of proposals to build our way out of the recession would also help build generational wealth in communities that have been shut out of opportunities.
Let’s not cling to the familiar. Let’s do better and create green jobs
By Ed Potosnak, The Star-Ledger – At a time when New Jersey is looking at significant budget deficits, a green jobs recovery can kick start our economy and put workers back to work in good local jobs that enhance our quality of life. A public bank could support green jobs through projects that are short of funding, but that offer taxpayer benefits such as water supply projects, flood reduction efforts, and energy projects.
New York needs public banks
By John Paraskevopoulos, Times Union – The COVID-19 pandemic has brought many of the shortcomings of our political and economic systems into sharp relief. Experience has taught us that during a recession, we need innovative measures to keep our businesses afloat, keep people in their homes, and put people back to work. Public banks are one such solution to our current economic and fiscal disaster.
Is Meaningful Change Beginning to Unfold?
By Paul Gibson, Retake Our Democracy – In a context in which the public is clearly receptive to meaningful reforms and increasingly aware of how our political, economic, health, and public safety systems have failed us, there is a window of opportunity for creating the kind of change many have aspired to for decades. And the effort to create a NM state public bank is one such reform.
Legislators need political will to act
By George Gamble, Santa Fe New Mexican – Given recent adversities, how do we rebuild our state, our communities, our businesses and our families in this new, more sensitive public health environment? From American history, we learn that social and economic catastrophes, world wars, depressions and epidemics have been successfully managed by rapidly instituted, significantly funded and focused programs.
Public Banking in NM: A Critical Tool for a Just Economic Recovery
By Paul Gibson, Retake Our Democracy – Like the gas & oil industry, the banking industry was teetering on the verge of collapse well before COVID-19. Many feel a recession worse than 2008 lies ahead. A public bank could insulate NM from the consequences.
West Virginia needs a state bank
By Tighe Bullock, Charleston Gazette-Mail – Access to capital is as traditional a West Virginia problem as choosing your favorite pepperoni roll. Private banks have formed, consolidated, gone under, prospered and slogged along in our nearly 157 year history. The time is nigh for a serious discussion of a publicly owned state bank.
The Looming Bank Collapse
By Frank Partnoy, The Atlantic – For the moment, the financial system seems relatively stable. Banks can still pay their debts and pass their regulatory capital tests. But recall that the previous crash took more than a year to unfold. If leveraged-loan defaults continue, how badly could they damage the larger economy?
How Public Banks Can Solve the Covid-19 Economic Crisis
By North Denver News – “A state bank could partner with community banks to grant very low cost loans directly to Main Street businesses, just as Germany’s public bank KfW is doing. Taking action now not only would mitigate the current crisis but would create a trustworthy and efficient financial infrastructure that can keep communities productive and healthy long into the future.”
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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
Retake Our Democracy