NYC needs a public bank

Counting room of the Bank of North Dakota

Counting room of the Bank of North Dakota. Photo Charles Edward Russell.

 

Local New York City magazine City Limits features a public banking overview in this week’s edition, describing for readers “what you need to know”: 

“What’s different about a public bank? 

“Because they do not serve shareholders, public banks can use their financial power to further the public interest. Proponents say a public bank wouldn’t charge fees solely to generate profits, and would refrain from investing its deposits in industries like fossil fuels, instead harnessing its financial strength to build infrastructure and offer banking services more widely.”

[Read the full article]

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