Another city jumps forward in creating a municipal Public Bank. As Portland voted in April 2017 to stop investing city money in all corporations, and voted to stop banking with Wells Fargo, its City Council faces the same problem faced by many other cities pursuing ethical banking: big ethical banks accountable to the public don't exist.
Portland Public Banking Alliance is actively pushing the solution: create a Public Bank of Portland.
“My hope is that a public bank would be a profit-making institution except the profit would be for public purposes,” says the Alliance's David E. Delk in a recent article in Next City:
Delk says there are several good reasons that Portland should consider a public bank ... naming everything from addressing homelessness and affordable housing, to creating jobs and retrofitting homes to be more energy efficient.