Press Room & Media
By Mark Brown, Chicago Sun-Times – Ameya Pawar foresees government-owned banks acting in the public interest to provide economic development and serve other societal imperatives. By handling pension fund investment in-house rather than farming it out to Wall Street managers, he said he believes public banks would save billions of dollars in fees that could be redirected locally.
California Bill to Establish Nation’s Second Public Bank Applauded as ‘Historic Challenge to Wall Street Domination’
By Jake Johnson, Common Dreams – In a move advocacy groups celebrated as a “historic challenge to Wall Street domination of municipal finances,” a pair of California state lawmakers on Thursday unveiled legislation that would establish the nation’s second publicly-owned bank and empower the institution to lend to businesses and local governments fighting to stay afloat amid the Covid-19 pandemic.
By Bank of North Dakota – The state-owned Bank of North Dakota (BND) recorded its 16th consecutive year of record profits in 2019, with $169 million in net earnings, the Bank reported today in its annual report to the state Industrial Commission (Commission). The report’s theme, “From Surviving to Thriving,” focuses on the events and accomplishments of the Bank’s 100th anniversary year.
By Melanie G. Long, The Conversation – Being unbanked is costly, both financially and in terms of missed economic opportunities, and afflicts communities of color most. Being unbanked means it’s harder to develop a credit history. Without one, it is more difficult to get a mortgage loan – and thus much harder to buy a home. There’s a solution to the problem, and one that the U.S. has tried before: postal banking.
By Ameya Pawar, Harish I. Patel, The Chicago Reporter – Imagine harnessing our deposits to create the money we need to finally address inequality, disinvestment, and institutional racism across our city and state, all without sacrificing returns. How? A public bank can help reverse the racial wealth gap by lending to Black and Brown families in search of inexpensive capital available mostly to white people.
By Theresa Davis, Albuquerque Journal – New Mexico farmers sell about $3.1 billion of food products every year, but New Mexicans spend $6.5 billion annually on food grown outside of the state. Investing in local food and water systems could address health inequities exacerbated by the COVID-19 pandemic. “Soil health is resilience. It is food security in emergency situations as well as for the long term.”
Oscar Perry Abello, Next City – Banks didn’t create systemic racism by themselves, and they won’t solve it by themselves. But banks have played an important role in creating and sustaining systemic racism, and Williams still believes they can play a role in ending it. Southern Bancorp is just a bank — or technically, a bank holding company, a bank, and an affiliated nonprofit.
By Hannah Levintova, Mother Jones – Five federal regulatory agencies voted to roll back a key financial rule enacted following the 2008 financial crisis. The change will make it easier for banks to invest in venture capital and will tweak some restrictions on bank investing in hedge funds and private equity—all forms of riskier investing that Congress limited after 2010.
By Sadef Ali Kully, CityLimits – Now is the time to create a public banking system as the New York City prepares for deep budget cuts amid an inequitable economic crisis stemming from the Coronavirus pandemic. Through public banking, New York can reinvest in local communities and strengthen their economy. Now is the time to create a public banking system as the city prepares for deep budget cuts.
By Kristin Toussaint, Fast Company – As lawmakers plan our country’s economic recovery from the pandemic, it’s an opportunity to address the decades-old racial wealth gap. From postal banking to Medicare for All to baby bonds, this series of proposals to build our way out of the recession would also help build generational wealth in communities that have been shut out of opportunities.