Press Room & Media
In the News
Council, advocates push for a publicly-owned Bank of Rochester
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.
California needs a public bank to help economy recover from COVID-19
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.
Could a State-Owned Bank Help Strengthen California’s Recovery Efforts?
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.
‘Fast, simple, easy’: Bank of North Dakota boosts coronavirus business aid
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.
How Equitable Access to Banking Improves Economic Conditions for Everyone
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.
CT forum to address public-owned banks, which offer low-interest loans
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.
Ex-Ald. Ameya Pawar writing the book on why we need government-owned banks in the public interest
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.
Bank of North Dakota Releases 2019 Annual Report: “From Surviving to Thriving”
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.
COVID-19 exposes why the Postal Service needs to get back into the banking business
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.
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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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