As finance capital pushes back, Public Banking must build and take power

Illustration public bank

Illistration by Christine Walker

 

Matt Stannard, Policy Director at Commonomics USA, in his latest article in Occupy.com, weighs in with his perspective of the substantial challenges ahead in LA, as advocates launch their campaign for a Public Bank of Los Angeles.

“The only thing that will stop [risk-averse public officials] from delaying or killing the vision of public banking is the sheer numerical and moral force of activists, in the thousands. Nothing less will guarantee that Los Angeles gets its public bank. If there is not unyielding public demand, there will be no public bank.”

Illustrating the need for public support were recent developments in the District of Columbia. ... 

The District held the fourth of four public meetings on creating a Public Bank on July 25. This was the last public meeting on the feasibility study before the city starts working groups on it. Nick Braña, founder of the Movement for a People’s Party, reports, “There were about 30 people and 10 were with DC Reinvest and DC DSA. The city is trying to suppress [public banking] and their panelist portrayed it as disruptive to local small businesses.”

Kim Lehmkuhl of DC Reinvest says the city councilor who backed the study is wrapped up in education work and won't devote more political capital till residents push the process further. We need all hands on deck to make sure constituents generate the needed pressure on public officials.

DC Reinvest is organizing more support. Contact them to get involved.

You can also indicate to the District you are interested in participating in a Public Bank Feasibility Study Focus Group. Send your contact information to: PublicBank.FeasibilityStudy@dc.gov.

[Read the full article]

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