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Albuquerque local business consultant on how a State Public Bank can benefit our economy
Albuquerque local business consultant on how a State Public Bank can benefit our economy
AFLEP Leadership Team Member and Albuquerque”buy local” business advocate, Clifton Chadwick shares key economic reasons why he supports the creation of a State-Owned Public Bank. March 10, 2022
Housing Briefs: Wells Fargo Denied Most Refinance Apps for Black Homeowners
NEXT CITY, March 17, 2022 | by Roshan Abraham – A Bloomberg investigation found that Wells Fargo had approved refinanced mortgages for only 47% of Black homeowners who applied in 2020, compared to 72% of White homeowners. Following the federal reserve’s lowering of interest rates in 2020, many homeowners refinanced their homes to pay lower interest rates on their mortgages, but the disparity between who applied and who was granted these lower interest rates increased the country’s already cavernous racial wealth gap. According to Bloomberg’s look at federal data, the racial wealth gap between White and Black Americans increased by a mind-boggling $20 trillion during the pandemic.
Philadelphia City Council OKs creation of nation’s first municipal bank
March 3, 2022 | by Ryan Sharrow – City Council passed the measure 15-1 to create the Philadelphia Public Financial Authority, a move that positions the city to launch the nation’s first municipal bank. The bill was introduced in December by Democrat Derek Green, a former banker who is a councilman-at-large. Green said the goal of the Public Financial Authority “is not to compete against current businesses or organizations, or duplicate existing services, but to offer credit enhancement products, that will provide greater opportunities for co-operatives, entrepreneurs of color, and other business organizations to access additional credit to help build cash flow and job growth.”
Philadelphia Bill Would Establish First Ever Municipal Public Bank Entity
NEXT CITY, Feb. 17, 2022 | by Oscar Perry Abello – The stated mission of the proposed Philadelphia Public Financial Authority is to support Black-owned businesses and other businesses in neighborhoods that have historically lacked access to credit. That resolution took as a model the state-owned Bank of North Dakota, established in 1919 and still a thriving, profitable institution with $10 billion in assets today. By law, all of the state government’s deposits are held at the Bank of North Dakota. With that as its deposit base, the bank partners with private banks and credit unions all over the state to finance economic development, making loans to support everything from huge infrastructure projects to small local businesses.
Public Banks: What Are They, and How Might They Impact Workers?
ONLABOR, Jan. 12, 2022 | by Travis Lavenski – With the potential to restructure economies in a more just fashion, it is not surprising to see unions and economic justice organizations throw their support behind public bank initiatives in their communities. Currently, state and local governments deposit their funds in large private banks. When they need to finance new projects, governments typically secure capital through bond deals in which the banks have “outsized power to set the terms.” According to one 2020 study, state and local governments pay approximately $160 billion per year on bond interest alone, making these banks “a critical part of a predatory and extractive eco-system that crushes workers and communities.”
Murphy vows to follow through with plans on New Jersey public bank
The Washington Examiner, Jan. 5, 2022 | By T.A. DeFeo – New Jersey Gov. Phil Murphy said he intends to follow through with plans to open a state-owned bank. In November 2019, Murphy signed Executive Order No. 91 to create the Public Bank Implementation Board. At the time, state officials said a public bank could generate revenue, spur job and economic growth and help local governments reduce their debt costs. It would also provide additional banking opportunities for “under-served communities.” While the COVID-19 pandemic slowed plans for a public bank, during the virtual press briefing, Murphy predicted a version of it would happen during his second term.
Bank of Washington? States consider opening government banks
The Seattle Times, Dec. 19, 2021 | By Elaine S. Povich – The speed and convenience of accessing pandemic aid through direct deposit has highlighted the disadvantages of lacking a bank account, heightening interest in public banks. California this year enacted a law that could put the state on the path to government-run banks, and 13 other states, including Washington, are considering similar legislation, according to the National Conference of State Legislatures. Unlike commercial banks, the mission of public banks would be to invest in public priorities such as affordable housing, small business loans or infrastructure projects.
Report From Santa Fe – Senator Jeff Steinborn recap of 2022 Session
February 6, 2022 Episode – Report from Santa Fe’s guest is Senator Jeff Steinborn, D–Dona Ana, with a legislative update on issues the senator advocates for, such as uranium mine cleanups in western NM, the prohibition of high-level nuclear waste in NM, public banking, and the renewal of the chile labor incentive program.
SEED NM 2022 Symposium: Bob Mang on how business guilds can regenerate communities
SEED NM 2022 Symposium: Bob Mang on how business guilds can regenerate communities
Bob Mang, Re-Genesis Inc, Co-Founder (Retired) and AFLEP Board member, talks about rural economic development and how business guilds can regenerate communities.
SEED NM 2022 Symposium: Angela Merkert on the role of Public Banks in a sustainable economy
SEED NM 2022 Symposium: Angela Merkert on the role of Public Banks in a sustainable economy
Angela Merkert, AFLEP Executive Director, speaks about the role of public banks in a robust and sustainable New Mexico economy.
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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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