Press Room & Media
In the News
Public banking can help bridge the racial wealth gap in the post-pandemic recovery
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.
Report: Healthy soil, local food systems key for NM agriculture
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.”
Know the Difference: Public banking or private banking
Know the Difference: Public banking or private banking
Watch all five of the short video introductions to public banking in the Public Banking Institute’s 2020 video series.
How to Be an Anti-Racist Bank
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.
Trump Regulators Just Rolled Back a Major Obama-Era Bank Reform
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.
Will New York Launch a Public Bank?
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.
The pandemic made the racial wealth gap worse: These 8 policies could fix it
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.
Let’s not cling to the familiar. Let’s do better and create green jobs
By Ed Potosnak, The Star-Ledger – At a time when New Jersey is looking at significant budget deficits, a green jobs recovery can kick start our economy and put workers back to work in good local jobs that enhance our quality of life. A public bank could support green jobs through projects that are short of funding, but that offer taxpayer benefits such as water supply projects, flood reduction efforts, and energy projects.
New York needs public banks
By John Paraskevopoulos, Times Union – The COVID-19 pandemic has brought many of the shortcomings of our political and economic systems into sharp relief. Experience has taught us that during a recession, we need innovative measures to keep our businesses afloat, keep people in their homes, and put people back to work. Public banks are one such solution to our current economic and fiscal disaster.
Is Meaningful Change Beginning to Unfold?
By Paul Gibson, Retake Our Democracy – In a context in which the public is clearly receptive to meaningful reforms and increasingly aware of how our political, economic, health, and public safety systems have failed us, there is a window of opportunity for creating the kind of change many have aspired to for decades. And the effort to create a NM state public bank is one such reform.
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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
Retake Our Democracy