Press Room & Media
In the News
Legislators need political will to act
By George Gamble, Santa Fe New Mexican – Given recent adversities, how do we rebuild our state, our communities, our businesses and our families in this new, more sensitive public health environment? From American history, we learn that social and economic catastrophes, world wars, depressions and epidemics have been successfully managed by rapidly instituted, significantly funded and focused programs.
Public Banking in NM: A Critical Tool for a Just Economic Recovery
By Paul Gibson, Retake Our Democracy – Like the gas & oil industry, the banking industry was teetering on the verge of collapse well before COVID-19. Many feel a recession worse than 2008 lies ahead. A public bank could insulate NM from the consequences.
West Virginia needs a state bank
By Tighe Bullock, Charleston Gazette-Mail – Access to capital is as traditional a West Virginia problem as choosing your favorite pepperoni roll. Private banks have formed, consolidated, gone under, prospered and slogged along in our nearly 157 year history. The time is nigh for a serious discussion of a publicly owned state bank.
The Looming Bank Collapse
By Frank Partnoy, The Atlantic – For the moment, the financial system seems relatively stable. Banks can still pay their debts and pass their regulatory capital tests. But recall that the previous crash took more than a year to unfold. If leveraged-loan defaults continue, how badly could they damage the larger economy?
How Public Banks Can Solve the Covid-19 Economic Crisis
By North Denver News – “A state bank could partner with community banks to grant very low cost loans directly to Main Street businesses, just as Germany’s public bank KfW is doing. Taking action now not only would mitigate the current crisis but would create a trustworthy and efficient financial infrastructure that can keep communities productive and healthy long into the future.”
For Some Minority-Owned Businesses, Their Lenders Are Now Their Defenders
By Emily Flitter, The New York Times – Many C.D.F.I.s, which first came into existence in the early 1970s, evolved out of groups that were formed to help minorities recover from attacks that have occurred regularly throughout America’s history. During the coronavirus pandemic, such groups have been the go-to lenders for minority business owners who could not find a bank to help them tap a federal government aid program.
Mora County Growers’ Co-Op Fills Void
By Molly Boyle, Albuquerque Journal – In the thick of COVID-19, when the phrase “supply chain” triggers anxieties both general and specific, one need look only to the grazing steers and verdant fields of Mora County to see community-supported local agriculture in action. The success of the two-year-old Los de Mora Local Growers’ Cooperative stems from an increasingly commonplace irony in northern New Mexico: a community of growers and livestock producers who found themselves without a grocery store.
Public Banks’ Support to Households and Firms
By Paulo Medas and Elif Ture, IMF, Fiscal Affairs – Given the extraordinary circumstances of the Covid-19 pandemic, public banks—if financially sound and sufficiently well-resourced—can temporarily boost their support to households and firms, mainly through (subsidized) loans and loan guarantees. Public banks worldwide exemplified this many times over throughout the pandemic.
In challenged economy, having public banks as U.S. financial first responders would get resources faster to those who need them most
By Mark K. Cassell, Cleveland.com – As profit-maximizing institutions, commercial banks’ primary concern is to promote the interests of their shareholders. It should not be a surprise that commercial banks prioritize their easiest and most profitable customers. There is a better alternative. Cities, counties, or even states should establish public banks, for-profit credit institutions that operate as businesses but are owned by governments.
Colorado is in a health and financial crisis. A public bank is a solution.
By Earl Staelin, Dragan Mejic & Juan Marcano, Colorado Independent – The state of Colorado and nation are reeling badly, with no real solutions in sight. Our ability to control COVID-19 is limited. We can do far more to stop the economic collapse, which otherwise could last for decades. The solution is incredibly simple: create a state of Colorado Public Bank and borrow from the Federal Reserve at its new discount window interest rate of 0.25%.
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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