Public Banking building coalitions on both coasts

#PublicBankNYC and California Public Banking Alliance

Winsome Pendergrass, New York Communities for Change, at the June 5 rally in front of the New York Stock Exchange. Members of the California Public Banking Alliance.

 

The launch of the #PublicBankNYC campaign earlier this month and the ongoing campaigns in California have generated several excellent articles.

Aaron Fernando writes in The Progressive, “The rally on June 5 [in New York] was reminiscent of the Occupy Movement. … But the new movement extends beyond protest to present a practical solution to the problem caused by big banks that continue to fail large segments of society. The rally on Wall Street called for establishing a public bank for New York City, as part of a broader movement to establish public banks in cities and states across the United States. ...

“‘It just made sense that we should be able to control what happens with our public money in our city, to not fund these things that so many of us are concerned about.’ said Hyung Nam, a member of the city’s Socially Responsible Investment Committee.”

Alejandra Molina writes in Next City, “Community organizer Carlos Marroquin, 57, of Hollywood, is a housing advocate who knows of homeless people who are employed but do not make enough to put a roof over their heads. He envisions a city-owned bank that would work directly with community banks and credit unions, ‘providing them the money they need to be able to give reasonable and affordable mortgage rates to people.’

“‘It’s our money and it should be used and invested to benefit us,’ says David Jette, legislative director for the Public Bank LA campaign.”

Aline Reynolds writes in a different article in Next City,

“Public bank advocates argued that the status quo — private banks’ storing and managing of public funds — results in taxpayer money being directed to harmful purposes such as fracking, gun manufacturing and sales, and, particularly in NYC, developers who take out bank loans to acquire rent-stabilized buildings and flip them into market-rate apartments or condos.

‘We want New York City to take our public dollars out of those banks — all of it,’ said Deyanira Del Rio, co-director of New Economy Project, at the June 5 rally. ‘And we want New York City to put that money in a public bank that is owned and controlled by the people through our government, and that is held accountable to New Yorkers and our communities.’

‘We need a public bank…here to serve and to answer to us…to keep the wealth in our communities, invest in real, long-term affordable housing, and [get taxpayer money] out of the hands of Wall Street vultures,’ Brooklyn resident Winsome Pendergrass said.”

[Read the full article in The Progressive]

[Read the first article in Next City]

[Read the second article in Next City]

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