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Daily Yonder Q&A: How Public Banks Can Keep Revenue Local and Support Small Communities
by Claire Carlson, The Daily Yonder September 23, 2022 This article first appeared on The Daily Yonder and is republished here under a Creative Commons license. A public bank is a financial institution that is managed by the government in the public interest, which is...
Big City Mayoral Races Shine A New Light On Public Banking
NEXT CITY, by Oscar Perry Abello September 27, 2022 Public banking is already making headlines in one big city mayoral race slated for next year, and it’s bound to come up in at least one more. (photo: Philadelphia City Hall, by Jose Fontano / Unsplash) New Mexico...
Rep. Chandler: NM’s big budget surplus offers big opportunities
Representative Christine Chandler from Los Alamos shared some big ideas for the budget surplus the state legislature will get to work with in the 60-day session this winter. It was published in three papers over the weekend. Here is an excerpt: Diversifying and...
Base public bank discussion on facts
MY VIEW – Peter Smith Santa Fe New Mexican | August 13, 2022 Let’s have a fact-based discussion about a public bank for New Mexico. What do we call it when a person who knows the facts of a specific situation fails to state them fairly and accurately, and tries...
AFLEP Presents to NM Legislative Interim Committee
AFLEP Presents to NM Legislative Interim Committee
On Monday, August 8, 2022 in Gallup NM, AFLEP presented to the Economic Development & Policy Committee (EDPC), an Interim Committee of the New Mexico State Legislature. The EDPC is made up of both Senators and Representatives. AFLEP was represented by Harold Dixon, former President and CEO of State Employees Credit Union, Sarah Manning, AFLEP Outreach Coordinator and Angela Merkert, Executive Director.
State Employees Credit Union, former CEO Harold Dixon talks about why he sees a need for a public bank in New Mexico
May 28, 2022 – Retake Our Democracy's Paul Gibson explores public banking mis-information with Harold, and some key ways a public bank can improve New Mexico's economy – like expanding the lending capacity of community banks and credit unions, reducing State bond...
Hear Us: Public Banking for Racial Justice
June 8, 2022 | Next City Op-Ed, by Lebaron Sims – More than a decade after the Great Recession, America is again experiencing a supply-side recovery. Whether via the $700 billion bailout of 2008 or the unchecked exponential growth of 2022, commercial banks and financial corporations eat first – while most Americans, especially the working-class Black and Brown communities most affected by crisis, struggle without support. Then and now, that contrast is particularly sharp in New York City, a global center of finance, the home of countless banks, and an early epicenter of the pandemic. Members of Public Bank NYC (PBNYC), a coalition of organizations and other stakeholders committed to financial justice in New York City, had another vision, rooted in racial equity and environmental justice.
REPORT: Public Banking Key to Building Community Wealth in New York City
May 26, 2022 | DEMOS – Wall Street has a long history of putting profits over people. The big banks perpetuate structural racism in housing, labor, and climate. Instead of serving the public good, they prioritize shareholder returns over the needs of people and communities. A public bank in New York City would help combat the racist and extractive banking system and build community wealth. Each year, the City of New York moves tens of billions of public dollars through Wall Street banks—the same banks that persistently redline NYC’s neighborhoods of color, that finance private prisons, fossil fuel extraction, and other destructive industries.
Wells Fargo Rejected Half Its Black Applicants in Mortgage Refinancing Boom
March 10, 2022 | by Shawn Donnan, Ann Choi, Hannah Levitt and Christopher Cannon
When Mauise Ricard III paid a $560.43 application fee to Wells Fargo & Co. on Valentine’s Day in 2020 to refinance his mortgage on a four-bedroom brick colonial in a leafy suburb of Atlanta, he had every reason to expect an easy ride. The Microsoft Corp. engineer is married to a doctor and has a credit score north of 800, putting him in America’s credit elite. The loan officer at the bank even told him he was probably eligible for a fast-track appraisal.
Could Massachusetts get into the banking business? Maybe.
April 27, 2022 | by Jon Chesto – A bid to create a state-owned bank to help finance business growth is gaining momentum on Beacon Hill, with key decision likely this week. Launching a state-owned bank was once considered a fringe idea — even here, in left-leaning Massachusetts. Not anymore. As the chairs of the Legislature’s financial services committee decide this week whether to endorse the proposal, it will be hard to ignore the momentum of the past year. A public bank topped the legislative agenda at the Black Economic Council of Massachusetts, and a group of mayors in Greater Boston came out in favor.
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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