Influential magazine The Nation describes the rise of the Public Banking movement as an excellent example of combining visionary politics with pragmatic action.
“There’s a movement on the rise to weaken the power of corporate banks and replace them with financial institutions that are owned and managed by cities and committed to putting public interest above profit. It’s a movement to create public banks.”
The article highlights the recent advance in Oakland to fund a $100,000 feasibility study and credits the long campaign of local Public Banking advocates for getting this accomplished.
This advance in Oakland was also written about in a strong opinion piece in Berkeleyside.
"North Dakota’s public bank has stood for a hundred years to the great benefit of that state. Based on its revenues, a public bank for Oakland, used by Berkeley, Richmond, and possibly other jurisdictions, could take in more than $300,000 per day, which can go a long way toward addressing homelessness, affordable housing, clean streets, infrastructure, better schools, and the myriad of other ways cities are being besieged for much-needed financial help. … Pipeline and oil industry divestment activists know that public banking is one of the few routes to getting local money out of boondoggle oil projects."
Add your voice! You can advocate for a Public Bank in your municipality as well as your local media outlets. To find more background go here: http://www.publicbankinginstitute.org/learn
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