Press Room & Media
In the News
Chicago Aldermen Push Banks Doing Business With The City For More Equitable Lending
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?”
San Francisco may usher in a new era of public banking
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.
San Miguel County Votes in Support of a Public Bank for New Mexico
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.
Show us the money
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.
Three States and Two Cities Are Getting Serious About Public Banking
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.
Bill Could Allow OR Cities to Create Their Own Banks
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.
A state-owned Public Bank benefits New Mexicans
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.
New Mexico Economy Needs A Public Bank
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.
Philly will consider establishing a public bank in an effort to boost Black-owned businesses
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.
San Francisco moves a big step closer to a public bank
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.
Upcoming Events
Save the Date for this online community forum and participatory event hosted by the NM Healthy Soil Working Group, aiming to develop a collective understanding of and a road map for regenerative agriculture in New Mexico.
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.”
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.
“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