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In the News

2021 Infrastructure Report Card Lays Groundwork for Federal Infrastructure Plan

2021 Infrastructure Report Card Lays Groundwork for Federal Infrastructure Plan

By American Society of Civil Engineers – On March 3rd, ASCE released the 2021 Report Card for America’s Infrastructure through a virtual Solutions Summit to an audience of more than 3,400 attendees from across the country. The Report Card, which covers 17 categories of infrastructure, assigned the U.S. a cumulative grade of ‘C-‘, up from a ‘D+’ in the 2017 report. While the GPA improved slightly, there are still 11 categories in the ‘D’ range, meaning these systems are in poor condition and at risk.

California Leaders Propose Nation’s First Public Banking Option

California Leaders Propose Nation’s First Public Banking Option

By Jana Kadah, Bay City News Service – Five California legislators are trying to establish the nation’s first public banking option that would offer no-fee, no-penalty bank accounts to all California residents. The California Public Banking Option Act, also known as BankCal, seeks to close the widening racial wealth gap by offering financial services at no cost. Those services include a no-fee, no-penalty debit account that requires employees to facilitate direct deposit into the account when requested.

Public Banking Can Help Cleveland Reinvest In Itself

Public Banking Can Help Cleveland Reinvest In Itself

By Geeta Minocha, Cleveland Scene – Approximately 25% of Cleveland residents are unbanked or underbanked, preventing them from accessing credit, building wealth, or taking full advantage of social programs like TANF or Medicaid. Disconnecting people from the financial system makes them more vulnerable to predatory practices, making this issue especially salient for a city that is no stranger to reverse redlining. Public banking is the answer.

Legislator seeks to create free banking services for Californians

Legislator seeks to create free banking services for Californians

By Mark Anderson, Sacramento Business Journal – Los Angeles Assemblymember Miguel Santiago has introduced legislation that would form a state panel to create a no-fee, no-penalty bank account supported by the state and managed by existing financial companies. Unlike a previous attempt by Santiago to create public banks, this time around, the legislation, Assembly Bill 1177, would form a Public Banking Option Board, which would partner with existing financial institutions to offer the free accounts statewide through a “BankCal” program.

‘What Are We Going To Do?’: Towns Reel As Banks Close Branches At Record Pace

‘What Are We Going To Do?’: Towns Reel As Banks Close Branches At Record Pace

By Scott Horsley, NPR – Banks have been permanently shuttering branches for years, but the number of closures hit a record in 2020 as the pandemic accelerated the move by many customers to online banking. Banks closed 3,324 branches last year, according to a tally by S&P Global Market Intelligence. It makes financial sense for banks given the cost of operating branches. When banks close, the impact can go beyond inconvenience. It can also push people to more expensive options such as check-cashing stores or payday lenders.

Is this the year Washington state starts a public bank?

Is this the year Washington state starts a public bank?

By Katie Wilson, Crosscut – It’s a high-stakes year in the Washington state Legislature. If you’ve been reading the news, you’ve probably heard about proposals to provide pandemic relief, tax the rich, protect tenants from mass eviction and more. But some transformative bills have been flying mostly under the radar. One of them, Senate Bill 5188, could create a Washington state public bank.

Powerful alternatives to predatory lenders: Postal Service banking and public banks

Powerful alternatives to predatory lenders: Postal Service banking and public banks

By Terri Friedline and Ameya Pawar, Chicago Sun-Times – Traditional banking has radically changed in recent decades. In 1985, there were more than 18,000 such banks, but by 2018 there were only about 5,400. Today, just five banks control half of all assets, or about $7 trillion. As these banks have gotten bigger through mergers and acquisitions, they have closed branches in many lower income communities, in Indigenous communities, and in communities of color in urban and rural areas.

New Mexico’s Public Bank Legislation is Running Out of Time

New Mexico’s Public Bank Legislation is Running Out of Time

By Peter Strozniak, Credit Union Times – Time is running out for a proposed bill that would establish a public bank in New Mexico, a measure endorsed by the state’s credit union trade group but strongly opposed by the state’s community bankers association. “We’re grateful that we had the two hearings and the opportunity to generate even more awareness and information regarding the benefits of a public bank to our state’s finance system,” Angela Merket, executive director of the Alliance for Local Economic Prosperity (AFLEP), said.

Lawmakers consider state bank for Oregon

Lawmakers consider state bank for Oregon

By Melody Finnemore, Portland Tribune – Senate Bill 339 would establish the Bank of the State of Oregon and provide more significant support for community banks and credit unions. If created, the state bank would be guided by an advisory board of directors in its management and operation, and would be subject to a mandatory audit by the secretary of state.

Upcoming Events

april, 2021

08apr12:00 pm1:00 pmVirtual Backyard Compost TrainingsLearn how to keep their food scraps and yard debris out of the trash

09apr8:00 am9:30 am"Moonshot": Hiring and Training a Workforce for 21st Century Jobs Focusing on the challenge of assimilating tens of millions of new employees into high-paying jobs in infrastructure projects

09apr10:00 am11:00 amPublic Banking Coalition Monthly Conference CallLearn more about Public Banking, discuss current issues and get updates on the movement.

14apr10:00 am11:00 amVirtual Backyard Compost TrainingsLearn how to keep their food scraps and yard debris out of the trash

19apr6:00 pm7:00 pmVirtual Backyard Compost TrainingsLearn how to keep their food scraps and yard debris out of the trash

21apr6:00 pm7:30 pmRegenerative AgriculturePart of NMSU’s series of Environmental Sustainability Talks

The Benefits of Forming a NM Public Bank

Retake Our Democracy
Jun 23, 2020

AFLEP is joined by Ellen Brown, Chair of the Public Banking Institute, and Paul Stull, President and CEO of the Credit Union Association of New Mexico for this panel discussion about the potential benefits of a New Mexico state public bank. Panel facilitated by Retake Our Democracy.

Truthout - FAIR Podcast - AFLEP

California’s New Public Banking Option Opens Door for Real Community Investment
FAIR / Truthout.org

Economy & Labor
Oct 22, 2019

Janine Jackson interviews Public Bank LA’s Trinity Tran about public banking for the October 11, 2019, episode of “CounterSpin.”

>> Listen to the Podcast

It's Our Money with Ellen Brown

Banking on the People by Ellen Brown - AFLEP

Ellen Brown’s
2019 Book

Today most of our money is created, not by governments, but by banks when they make loans. This book takes the reader step by step through the sausage factory of modern money creation, explores improvements made possible by advances in digital technology, and proposes upgrades that could transform our outmoded nineteenth century system into one that is democratic, sustainable, and serves the needs of the twenty-first century.

Order the Book

Join those who’ve endorsed a Public Bank for New Mexico

Paul Gibson endorses Public Banking NM

 

“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

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