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In the News
Small Lenders Pushing Their Limits to Meet Paycheck Protection Program Loan Demand
By Oscar Perry Abello, Next City – With frustrations mounting over larger banks’ willingness to take some Paycheck Protection Program loan applications but not others, and long waits to respond to tens of thousands of applicants, many are seeking out smaller, local lenders.
7 Principles for a Post-Coronavirus Economy
By Henry M. Paulson Jr., The Washington Post – Let’s look ahead of the pandemic crisis and make today’s investments count. When the recovery begins, the policies we put in place will be more important than the coronavirus crisis itself in determining the economic prosperity of generations of Americans and the effectiveness of the United States’ political system and global leadership, both of which are rooted in economic strength.
PBI’s Open Letter to Congress: A “Critical-Care” Bailout for Main Street in the Face of COVID-19
Public Banking Institute – PBI’s open letter to Congress outlines four immediate actions needed to rescue the Main Street economy following the coronavirus shutdowns and ensuing financial collapse and shows how they can be done without imposing additional taxes or driving up consumer prices.
Pockets of Rural America Are Less Vulnerable to Economic Fallout — For Now
By Allison Simpson, The Day – Every part of the country will feel the economic fallout from the coronavirus crisis. But the small and isolated rural areas that lagged during the economic boom may fare better, relatively speaking, in the aftermath of the pandemic. Those places tend to be less tied to global and financial markets.
A Dozen Asks for Your Governor
By Michael H. Shuman, Commentary on Community Economics Blog – Everyone knows that the three, multi-trillion-dollar stimulus bills passed by Congress fall way short. For most local businesses—the lifeblood of our economy—these bills offer too little relief, too late. I’m hopeful though that the states (and maybe, in some places, counties and cities) can rise to the challenge of saving these businesses. Now is the time for your governor and state legislators to think big.
Was the Fed Just Nationalized?
By Ellen Brown, The Web of Debt Blog – It took only a few days for Congress to unanimously pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which will be doling out $2.2 trillion in crisis relief, most of it going to Corporate America with few strings attached. What will individuals, families, communities and state and local governments be getting out of this massive bailout? Not much.
AFLEP Seeks to Leverage Public Banking to Revitalize and Reinvest in NM Communities
By Adam West, BadCredit.org – New Mexico’s public bank would be an institution that provides financial services to smaller local banks and credit unions. This model would leverage loans for small- and medium-sized businesses through those institutions, keeping capital circulating within local economies.
Bank of North Dakota Announces Student Loan Relief Options
By Bank of North Dakota – Bank of North Dakota (BND) shared its student loan relief plans to assist borrowers impacted by COVID-19 with the Industrial Commission today. Effective immediately, borrowers may request to defer payments for six months. “We understand this is an extremely challenging time for our borrowers and want to assist them,” states Eric Hardmeyer, BND president/CEO.
The Covid-19 Crisis Is a Chance to Do Capitalism Differently
By Mariana Mazzucato, The Guardian – We have an opportunity to use the COVID-19 crisis as a way to understand how to do capitalism differently. This requires a rethink of what governments are for: rather than simply fixing market failures when they arise, they should move towards actively shaping and creating markets that deliver sustainable and inclusive growth.
How Germany’s Public Bank Will Keep the Economy Afloat During the COVID-19 Outbreak
By Emer Scully, Daily Mail – Germany has promised its companies the biggest economic aid package in the country’s post-war history to help them cope with the impact of COVID-19. “Unlimited” credit has been offered to keep the country’s economy afloat during the ongoing coronavirus outbreak.
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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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