Press Room & Media
By Sten Spinella, The Day – As Connecticut reckons with the economic impact of the COVID-19 pandemic, lawmakers and community organizers have returned to the idea of public banking as a possible saving grace. “We’re not trying to take over banks. We’re trying to give that support to our downtowns and keep the money in Connecticut.”
By Dion Rabouin, Axios – A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.
By Robert Nott, Santa Fe New Mexican – A leading state economist told lawmakers Monday that New Mexico and the nation are in “a crisis like no other experience in our lifetime. It’s bleak … a debacle, if you will,” said Christopher Erickson, a professor and interim head of New Mexico State University’s College of Business. The villain? COVID-19.
By Kevin Robinson-Avila, Albuquerque Journal – The New Mexico-based North American Intelligent Manufacturing Initiative, is helping develop a “roadmap” that lays out the opportunities, challenges and concrete action that communities across the state can pursue to take advantage of clean energy technology and entrepreneurial initiatives.
By Gino Fanelli, Rochester City Newspaper – Well into a global pandemic that has contributed to one of the worst financial crises in history and further exposed the country’s gaping inequality, Rochester lawmakers and community groups are galvanizing behind the idea of the city opening its own public bank.
By Miguel Santiago, CalMatters – Assembly Bill 310, the Bank on California Act, is a bold plan to save California’s local communities. By establishing a public bank, it will provide immediate economic recovery loans to small businesses and local governments while providing long-term stability for state finances.
By Oscar Perry Abello, Next City – The California Public Banking Alliance believes a state-owned bank could help meet a laundry list of public policy needs like affordable housing, homeownership, small business lending, or environmental sustainability. Rather than just negotiating with private banks to use their money-creation powers, they want a public bank that can utilize some of that money-creation power directly on behalf of the public itself.
By Jack Dura, Bismarck Tribune – A new small business in Bismarck, ND in danger of closing due to COVID-19 was steered by their bank toward assistance options, including a new Bank of North Dakota loan program. The nation’s only state-owned bank has approved loans for hundreds of North Dakota businesses under two new programs authorized in April by the state’s Industrial Commission.
By Katherine Carter & Patrick Hain, National League of Cities – Large commercial banks are not typically available in Black, Indigenous, and Communities of Color (BIPoC) because of discriminatory redlining practices authorized by the Federal Housing Administration in partnership with state and local governments, and the private industry. Recently, more cities are looking at the creation of public banks as a potential solution.
By Cassandra Day, The Middletown Press – Local CT stakeholders are hoping to enlighten people about the possibility of creating a public banking system which potentially could become a financial lifeline to struggling communities. Public banks have been shown to respond more rapidly, effectively and equitably to crises than privately-owned banks, according to California-based PBI, led by Ellen Brown, a world-renowned author and founding director.