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In the News
Financing Needs Persist as Crisis Drags On
Pilar Martinez, Albuquerque Journal – While medical professionals do battle with COVID-19 in hospitals and nursing homes, bankers and lenders have found themselves on an economic frontline, helping businesses navigate uncertain futures under public health restrictions and closure orders. Several financial experts say lenders are generally better equipped to handle their clients’ needs than they were the last time a major financial struck.
How a family-owned Nebraska bank became the nation’s second-biggest lender
Jeanne Whalen and Renae Merle, The Washington Post – Last year family-owned Union Bank & Trust, with 900 employees, was the nation’s 202nd largest bank by assets, according to the Federal Reserve. Yet 72 hours into the emergency lending program, it ranked second in the nation for number of loans approved, according to the SBA.
Missing so far from the prescription for a coronavirus economic recovery: public banks
Timothy Knowles and Ameya Pawar, Market Watch – Just as FDR had his Reconstruction Finance Corp., we need a network of national, state and local public banks as we forge a 21st-century New Deal that creates a post-pandemic economy that works for all of us. Going back to pre–COVID-19 America is not an option.
How State Officials Can Save Main Street in the Face of COVID-19: Three Urgent Actions
Public Banking Institute, publicbankinginstitute.org – In an open letter to state governors and treasurers, Public Banking Institute details three new funding possibilities states can tap to rescue communities from financial catastrophe and provide for future fiscal health.
To Combat Widespread Job Loss, Stay Local and Look to Import Replacement
By Valerie Vande Panne, Next City – Places, people and local governments are figuring out how to bring back the local businesses that support the community, keeping the wealth at home and lifting up entire neighborhoods that might otherwise have been sacrificed at the altar of multinational capitalism. We look at the cities that have already successfully re-localized industry.
Public banking would help speed the economic recovery from COVID-19
By Isaiah Poole and Rick Girling, The Hill – If cities had public banks, they would be much better equipped to deal with budget shortfalls and maintain the services and staff most vital to their economic recovery. That’s why state and local political leaders should use emergency powers to rapidly create public banks that can serve as key engines of a just and sustainable economic recovery.
Small Lenders Pushing Their Limits to Meet Paycheck Protection Program Loan Demand
By Oscar Perry Abello, Next City – With frustrations mounting over larger banks’ willingness to take some Paycheck Protection Program loan applications but not others, and long waits to respond to tens of thousands of applicants, many are seeking out smaller, local lenders.
7 Principles for a Post-Coronavirus Economy
By Henry M. Paulson Jr., The Washington Post – Let’s look ahead of the pandemic crisis and make today’s investments count. When the recovery begins, the policies we put in place will be more important than the coronavirus crisis itself in determining the economic prosperity of generations of Americans and the effectiveness of the United States’ political system and global leadership, both of which are rooted in economic strength.
PBI’s Open Letter to Congress: A “Critical-Care” Bailout for Main Street in the Face of COVID-19
Public Banking Institute – PBI’s open letter to Congress outlines four immediate actions needed to rescue the Main Street economy following the coronavirus shutdowns and ensuing financial collapse and shows how they can be done without imposing additional taxes or driving up consumer prices.
Pockets of Rural America Are Less Vulnerable to Economic Fallout — For Now
By Allison Simpson, The Day – Every part of the country will feel the economic fallout from the coronavirus crisis. But the small and isolated rural areas that lagged during the economic boom may fare better, relatively speaking, in the aftermath of the pandemic. Those places tend to be less tied to global and financial markets.
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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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