Richmond considers whether to chip in for Bay Area Public Bank study

171010_Richmond_1026.jpgLast Tuesday Oct 3, Richmond city council discussed whether they wanted to join the Oakland Public Bank feasibility study and chip in their own funds, adding to the $75,000 committed by Oakland and $25,000 from Berkeley.

Richmond Confidential covered this story: 

"Susan Harman, a longtime public-banking advocate, said a major reason to participate is that a private bank’s 'motive is profit and a public bank’s motive is the public good.' She argued that a local public bank wouldn’t be beholden to shareholders, and could save the city of Oakland a fair amount of money.

"In 2016, the city of Oakland paid $56 million in interest to Wall Street, she said. Harman said that this money could be funneled back into the city and used for public projects, such as infrastructure, schools, and local businesses instead."

Read the full story here

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