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In the News
We Need Ethical Banking In The Era Of COVID-19
Nizan Geslevich Packin, Forbes – In the current environment of medical and economic uncertainty, we all find ourselves desperately seeking safety and stability. In such times of uncertainty, cash is king. And who are those fortunate enough to be trusted with that cash? Big banks. We must be weary of big banks. They are not entities striving to maximize social welfare. Instead, they are for-profit institutions.
Just, Equitable, and Regenerative Recovery with Public Banking
Debbie Notkin, Post News Group – The COVID-19 crisis is shining a bright and unforgiving light on the glaring economic and racial inequalities we live with every day. Public banking is a major step toward a more just and equitable world. Public banks will return us to banking–risk-averse, sensible banking practices focused on realistic projects that build communities.
Small Business Rescue Earned Banks $10 Billion In Fees
NPR Morning Edition – Banks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR.
New Start-Ups Face Tough Times
Kevin Robinson-Avila, Albuquerque Journal – The economy is taking a far worse beating from COVID-19 than it did in the recession. But his time New Mexico’s venture investment ecosystem is far more mature and stable than during the recession. Still, early stage startups may be facing difficulties, since most venture firms will wait until the coronavirus dust clears before considering new investments.
Financing Needs Persist as Crisis Drags On
Pilar Martinez, Albuquerque Journal – While medical professionals do battle with COVID-19 in hospitals and nursing homes, bankers and lenders have found themselves on an economic frontline, helping businesses navigate uncertain futures under public health restrictions and closure orders. Several financial experts say lenders are generally better equipped to handle their clients’ needs than they were the last time a major financial struck.
How a family-owned Nebraska bank became the nation’s second-biggest lender
Jeanne Whalen and Renae Merle, The Washington Post – Last year family-owned Union Bank & Trust, with 900 employees, was the nation’s 202nd largest bank by assets, according to the Federal Reserve. Yet 72 hours into the emergency lending program, it ranked second in the nation for number of loans approved, according to the SBA.
Missing so far from the prescription for a coronavirus economic recovery: public banks
Timothy Knowles and Ameya Pawar, Market Watch – Just as FDR had his Reconstruction Finance Corp., we need a network of national, state and local public banks as we forge a 21st-century New Deal that creates a post-pandemic economy that works for all of us. Going back to pre–COVID-19 America is not an option.
How State Officials Can Save Main Street in the Face of COVID-19: Three Urgent Actions
Public Banking Institute, publicbankinginstitute.org – In an open letter to state governors and treasurers, Public Banking Institute details three new funding possibilities states can tap to rescue communities from financial catastrophe and provide for future fiscal health.
To Combat Widespread Job Loss, Stay Local and Look to Import Replacement
By Valerie Vande Panne, Next City – Places, people and local governments are figuring out how to bring back the local businesses that support the community, keeping the wealth at home and lifting up entire neighborhoods that might otherwise have been sacrificed at the altar of multinational capitalism. We look at the cities that have already successfully re-localized industry.
Public banking would help speed the economic recovery from COVID-19
By Isaiah Poole and Rick Girling, The Hill – If cities had public banks, they would be much better equipped to deal with budget shortfalls and maintain the services and staff most vital to their economic recovery. That’s why state and local political leaders should use emergency powers to rapidly create public banks that can serve as key engines of a just and sustainable economic recovery.
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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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