Following the example of a growing number of California cities, East Bay’s San Leandro released a Request for Proposals for a full-service bank to replace Wells Fargo, a full year after the city voted to divest the city from the scandal-ridden bank. San Leandro could be part of the proposed East Bay Public Bank.
The report by Steven Tavares in EastBay Citizen noted:
“With smoke from the Northern California wildfires choking the air in San Leandro, several members of the public at the finance meeting urged for greater urgency. ‘We all know that a city council is capable of moving quicker if our lives depended on it and you’re not behaving in that fashion,’ said San Leandro resident Lawrence Abbott.”
Top policymakers in the United Kingdom recently addressed the prospect of a central bank digital currency. The UK group Positive Money writes about why this matters:
“Cash currently exists as notes and coins, which are estimated to make up just 3% of the UK money supply, with the rest of the UK’s money existing electronically. What many people don’t know is that most of this electronic money is not simply a digital equivalent of cash, as it is ultimately owned by private banks, that create it when they loan it out to us. … [Positive Money is] also proposing the introduction of [central bank] digital cash alongside physical cash. ...”
2018 has been the year of the public bank. As you can see from our latest map, people all across the country are becoming aware of, as one advocate put it, the "best kept secret in the country": the successful power of a public bank.
With a donation for #GivingTuesday next week November 27, you can help us keep this momentum going!
2019 is the 100th anniversary of the founding of the publicly owned Bank of North Dakota. You can help make 2019 the year public banks win!
San Francisco’s robust Defund DAPL Coalition and SF Public Bank are joining forces to launch a SF Public Bank Coalition January 10 with an evening event that brings together speakers, music, food and community.
Attendees will learn how a city-owned public bank can bring San Francisco’s $11 billion budget “From Wall Street to Our Streets,” and can strategize in break out sessions focused on student debt, affordable housing, renewable energy and more. Event takes place at The Women’s Building 3543 18th St #8, San Francisco, CA 94110. More information here. Facebook event here.
The benefits of public banking are now making their way into conversations all over the country. Former history teacher Joe Clifford makes a call for a public bank of Rhode Island in a recent article in GoLocal:
“The most successful bank in this country is a public bank owned by the citizens of North Dakota. [It’s] the best kept secret in the country. … If you live in Rhode Island would it not be prudent to have a bank owned by the citizens of the state, overseen by the citizenry, and not interested in profit? Imagine the savings of the just-approved bond issues if RI had a public bank.”
PBI is participating in this year's #GivingTuesday initiative — a global day of giving. This year it will take place on November 27.
Your donations make it possible for PBI to be your hub for public banking information, to connect and inspire this movement, to educate the public, and to inform public officials.
Help us inspire others to give. Tell us in a quick sentence why you support PBI and public banking and send it to firstname.lastname@example.org. Thank you for all the help and generous donations!
PBI Chair Ellen Brown writes her views on the "valiant effort" that hundreds of committed advocates made to pass the LA measure for a city-owned bank.
"The Los Angeles charter amendment to approve a city-owned bank did not pass, but it did get 42 percent of the vote, a remarkable feat considering that the dynamic young Public Bank LA advocacy group effectively only had a month to educate 4 million voters on what a public bank is and why passing the measure was a good idea. If they had had another month, the bill could well have passed. ...
The historic vote for Charter Amendment B on Tuesday drew the support of over 267,000 voters in Los Angeles. Although this level of support was not enough to pass the measure, the achievements of the campaign were in themselves groundbreaking. The measure was dropped onto the LA calendar out of the blue in July. In a mere four months our allies at Public Bank LA and their powerful coalition rallied to the challenge and, without a budget, pulled off a dramatic paradigm shift in voter awareness persuading over 40% of voters to say yes. Ballot measures typically require at least $750K to win, but this shift was achieved with $60K raised in the last month, an inspiration for cities and states around the country that want to declare their own independence from Wall Street.
As PBLA's Trinity Tran put it:
“Within 4 months, we brought the issue to the forefront of politics here in Los Angeles. Over a quarter million Angelenos voted in support of Measure B and the conversation on public banking has now been amplified across the country. This is just the beginning of the national movement. And it's a fight we are certain will be won.”
PBLA's Phoenix Goodman had these words:
“As a result of the valiant efforts of our organizers, volunteers, organizations and media that have supported this movement, exponentially more people have been inspired to support, share and manifest this vision. In time, we will come back, and we will succeed. In time, cities everywhere will be inspired to declare independence from Wall St. In time, we will have inspired the banking revolution at large — and it all began with the Yes on B campaign. Onwards, to victory.”
Click here for a list of the Herculean accomplishments of the remarkable PBLA coalition.Read more
Even mainstream outlets are starting to write good things about public banking. Irina Ivanova writes an excellent article for CBS’s MoneyWatch on the eve of the #YesOnB vote.
“‘The purpose of all this is to bring democracy to finance, in a way that respects the public trust. No longer, at least in Los Angeles, do we think city borrowing should be the basis for the investment industry,’ said David Jette, legislative director for Public Bank LA, a volunteer effort backing Proposition B. PBLA was among the activist groups that succeeded in making Los Angeles pull city money out of Wells Fargo after its bogus-accounts scandal and subsequent public shaming.”