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In the News
COVID-19 illustrates why Canada needs more — and better — public banks
By David McDonald and Thomas Marois, The Conversation – In many parts of the world, public banks play a critical role in addressing major social, economic and environmental challenges (such as Germany’s transition to renewable energy), offering everything from retail services in remote communities to multi-billion-dollar financing for transformative projects. The COVID-19 pandemic has served to underscore the importance of public banks.
New Mexico’s Coming Megadrought Highlights Farmers’ Control of Water
By Cody Nelson, Capital and Main – On the Rio Grande, one of the Southwest’s major lifelines, this year is expected to be among the driest in recent history. New Mexico officials project drought conditions to be worse than they’ve been since the 1970s. The upcoming season highlights a difficult reality in this state: Farming and ranching to pay the bills could become an unsustainable way of life in New Mexico, as the water supply dwindles and farms resort to pumping more groundwater to irrigate.
San Francisco draws closer to a public bank with widely supported reinvestment ordinance
By Ian Firstenberg, El Tecolote – As businesses and workers around San Francisco struggle to keep up with the continually ballooning costs of the Bay Area and maintain economic stability in the throes of a pandemic, members of the Board of Supervisors are pushing to establish a public bank. Legislation seeks to establish a working group, made up of four community representatives and three banking experts, that would finalize the details of establishing a public bank.
CUANM names Juan Fernandez Ceballos president/CEO
By Credit Union National Association – The National Association of Latino Credit Unions and Professionals (NLCUP) congratulates the Board of Directors of the Credit Union Association of New Mexico for the naming of Juan Fernandez Ceballos as its new president/CEO. This is represents the first time a Latino professional has been chosen to lead a state credit union association.
Report: Condition of New Mexico roads ‘a complete disaster’
By Daniel J. Chacon, Santa Fe New Mexican – Investing in the deteriorating transportation system will require more money that ultimately will come from the public, said Rocky Moretti. “Motorists in the state annually are paying $2.7 billion in the cost of driving on roads that are deteriorated, that are beating up their vehicles due to traffic congestion, which costs more time and wasted fuel — and then the economic cost of traffic crashes where the lack of adequate roadway safety features, while not the primary cause, are a contributing factor,” he said.
Penn alumni lead public banking movement to address racial disparities, take on Wall Street
By Victor Swezey, The Daily Philadelphian – City Councilmember Derek Green introduced legislation to establish a Philadelphia public banking authority on Jan. 28, which would function as a lender to private individuals and businesses, as well as the City of Philadelphia. Green’s legislation, which has received 11 cosponsors including City Councilmember and 1993 College graduate Helen Gym, is the culmination of years of activism by the Philadelphia Public Banking Coalition, which is led by multiple Penn alumni.
Bring our money home. Philly needs a public bank.
By Vanessa Lowe and Stanley Shapiro, Philadelphia Inquirer – Right now, big banks hold Philadelphia’s tax dollars and invest them in the interests of their shareholders rather than the people of Philadelphia. Their schools, streets, and health-care systems are in desperate need. Black and brown communities still struggle to access affordable mortgages and business loans. Philadelphia is working to establish a public bank that invests tax dollars back into their communities and generates reserves for crises like the current one.
Will 2021 Be Public Banking’s Watershed Moment?
By Ellen Brown, ScheerPost – Just over two months into the new year, 2021 has already seen a flurry of public banking activity. Sixteen new bills to form publicly-owned banks or facilitate their formation were introduced in eight U.S. states just in January and February.As Oscar Abello wrote on NextCity.org in February, “2021 could be public banking’s watershed moment.… Legislators are starting to see public banks as a powerful potential tool to ensure a recovery that is more equitable than the last time.”
Letter to the Editor: Public bank needed
By Dee Gamble, Santa Fe New Mexican – If financial investments are just fine as they are, why is New Mexico at the bottom of all the measures for well-being? New Mexico communities have many unmet needs, and it’s high time we do something bold that is successfully functioning elsewhere and is currently being considered by dozens of other states.
Public banking initiatives picking up steam across several states
By Carolyn Duren, S&P Global – Over the last couple months, several states and municipalities have introduced bills to study or implement public banks, potentially changing the financing landscape for large chunks of the country. Most state-level public bank initiatives propose lenders that would use municipal deposits to fund projects within the state, such as infrastructure, agricultural production, economic development, low-income housing or environmental projects.
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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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