Press Room & Media
In the News
By Linda Lutton, WBEZ Chicago – On Monday, Chicago aldermen refused to vote on an annual measure certifying 13 banks as “municipal depositaries,” and openly questioned why the city should keep its money with banks that don’t lend equitably. “JPMorgan Chase only did 1.9% of their [home purchase] loans in Black communities. Bank of America, 2.89%,” said Ald. Daniel LaSpata, 1st Ward, at the finance committee hearing, citing reporting from WBEZ and City Bureau. “How do we make that case to Chicagoans that these institutions should be generating any revenue from our city?”
By Glenn Daigon, Who.What.Why – There are signs that the anger against the banks fueled by the 2008 crash, as well as dissatisfaction in how Wall Street invests the public’s money, has opened the door for another option: public banking. Public banks are financial institutions that are owned by one or more public entities, such as a city, county, or joint-powers authority. They can invest, lend, and provide banking services to the local community, and can partner with local financial institutions.
By Phil Scherer, Las Vegas Optic – At Tuesday’s meeting, commissioners voted in support of establishing a state public bank, a measure that is also working its way through the state legislature. Dee and George Gamble, who presented to the commission, say that establishing a public bank would help keep more money in the state, and out of big corporations, which they said would help the state’s economy.
By Kim Shanahan, Santa Fe New Mexican – Some progressives have touted the benefits of a state bank for years, some for the past decade. As recently as nine years ago, the homebuilding industry in Santa Fe was deep in a lending drought with no sign of ending. Many thought a public bank could resurrect local developments starved of financing for new subdivision infrastructure. Many of us still do.
By Oscar Perry Abello, Next City – Over the last few weeks, legislators in Washington State, Oregon, Philadelphia and San Francisco all introduced bills to establish or take the necessary steps toward the establishment of “public banks.” Across the country, state and local governments currently hold more than $600 billion in deposits. Supporters of public banks envision using those deposits to do what the Bank of North Dakota has been doing since 1919 — playing a mostly behind-the-scenes role to give community lenders a boost.
By Eric Tegethoff, Public News Service – Oregon lawmakers want cities to be allowed to put their cash in banks other than large, for-profit institutions. Bills in the Legislature – Senate Bill 339 and House Bill 2743 – would enable municipalities to create public banks, which are owned and run by a state or municipality.
By Renewable Taos Board, Taos News – How do we reach ETA goals when our state depends so heavily on the monetary returns from the fossil fuel industry? If it were just New Mexico, that would be one thing, but these mammoth economic shifts are driven by global forces. A Public (or State) Bank could provide a mechanism to help deal with these and other issues related to improving local economies and legislation is now being developed for the upcoming Legislative session.
By Paul O’Connell, KRWG – Public Banking is gaining interest across the country from California to New Jersey. It can occur at any level of government—city, county or state. Rather than owned by the private sector, it is a public institution like a University or Water Utility answering to the public it serves rather than stockholders.
By Laura McCrystal and Sean Collins Walsh, The Philadelphia Inquirer – Philadelphia City Council will consider establishing a public bank, a move that lawmakers and advocates say would fight systemic racism and boost the local economy by serving business owners of color. Councilmember Derek Green introduced legislation Thursday to establish a public bank as a city authority that would have the power to provide loans, issue tax-exempt bonds, finance city construction projects, and perform other banking functions.
By Tim Redmond, 48Hills – Six San Francisco supervisors spoke today about their support for a public bank, guaranteeing that a measure just introduced by Sup. Dean Preston will be sent to Mayor London Breed. The legislation would set up a task force composed of banking industry experts, community members, and a representative of the offices of the treasurer and controller that would have a year to craft a business and structural plan.