Press Room & Media
In the News
By Geeta Minocha and Ricardo Williams, Orlando Sentinel – We live in a society where the COVID-19 pandemic has exposed existing cracks and exasperated disparities in our economic system. As the gap between the wealthiest and poorest Americans continues to increase and national economic catastrophe looms ever-closer, we can’t afford status-quo solutions. Central Florida must widen its social safety nets and create a public bank.
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.
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.
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.
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.
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.
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.
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.
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.”
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.