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In the News
Task force won’t back city-owned public bank for Santa Fe
By Tripp Stelnicki | The New Mexican | March 20, 2018 The city’s public bank task force will not recommend that the municipal government pursue a Public Bank of Santa Fe, according to a draft of the panel’s final report. Instead, after finding the establishment of a public bank in the state capital would face […]
Public banking gets a toehold in New Jersey
At the 2016 Princeton Community Democratic Organization annual picnic, a pair of activists approached Phil Murphy with an unconventional idea: A public bank for New Jersey. Murphy, a longtime banker with Goldman Sachs, heard the activists out. Then, when he announced his platform for his gubernatorial run later that year, it included a plank for […]
In Massachusetts, a call for a public bank to serve pot firms
by LAURA ALIX | americanbanker.com | 2/22/18 With Massachusetts only months away from allowing the sale of pot for recreational use, the state’s top cannabis regulator is urging policymakers to consider creating a public bank to serve growers and dispensaries that might otherwise have nowhere else to bank. As in many other states where marijuana is […]
Big Banks Got Huge Tax Cuts, Then Hiked Cities’ Interest Rates
by MARTIN Z BRAUN and BENJAMIN BAIN | Bloomberg | 2/15/18 As U.S. banks were tallying up the billions of dollars in extra profits they’ll reap from the sweeping tax cuts signed into law by President Donald Trump, they were quietly delivering unwelcome news to local governments: The interest rates on their loans were about to […]
Task Force assembled to lead San Francisco toward a public bank
by JOSHUA SABATINI | sfexaminer.com | 2/4/18 San Francisco has assembled a 16-member task force to study launching a public bank to fund affordable housing development, low-interest loans for low-income residents and cutting ties with the Wall Street banks that do not live up to The City’s social responsibility principles. The Municipal Bank Feasibility Task Force […]
Vermonters for a New Economy
Vermonters for a New Economy
Plan ‘V’: A Vermont Public Bank–Funding Our Future A 2018 documentary from Vermonters for a New Economy featuring public bank advocates Gwendolyn Hallsmith, Henry Jacqz and State Representative Valerie Fraser.
Rep. Howrylak: Time is now for Michigan to employ a state-run bank
by gophouse.org | 1/18/18 State Rep. Martin Howrylak, of Troy, today formally introduced a bipartisan package of bills that would create and maintain a state bank. The bank would be authorized to engage in limited banking activities, including the facilitation of loans to eligible groups, municipalities and those who qualify for business-related subsidies. “This is a […]
The Growing Movement To Create City-Run Public Banks
As activists pressure governments to remove their deposits from banks that back bad policies, cities are considering a new option: become their own financial institution that serves the needs of the citizens, not investors.
Public Bank Fans Want to Get Portland City Council on Board
In Portland, Oregon, a movement is slowly building to establish a public bank.
After debating divestment from companies whose practices might be harmful to people or the environment, the City Council voted in April to stop investing city money in all corporations. Portland is also one of numerous U.S. cities that decided to stop banking with Wells Fargo, after the bank’s fraudulent accounts scandal made headlines.
San Francisco advances toward launching a public bank
San Francisco could become the first city in the nation to launch a public bank.
Supervisors Malia Cohen and Sandra Fewer are advancing the idea of establishing a municipal bank, which would end The City’s use of profit-driven large national commercial banks for banking services.
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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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