Municipal banks continue to take strong strides forward in major cities in the wake of successes made by the divest movement. In Seattle earlier this year, indigenous activists successfully pushed the city to end its relationship with Wells Fargo due to the bank’s financing of the Dakota Access Pipeline and its long list of scandals. Now Councilmember Kshama Sawant is calling for a $200,000 budget allocation to fund a Public Bank feasibility study. Sawant's proposal says studying a municipal bank is "especially timely" because of the Wells Fargo divestment.
How you can help Seattle pass this proposal...
Two other Councilmembers — Mike O'Brien and Kirsten Harris-Talley — joined Sawant to back the feasibility study. Sawant now needs a majority of the council to vote to add it to the budget. Meetings are taking place this week and the council will vote on the full budget next month. You can help by contacting the Seattle Public Banking Coalition and urging Councilmembers to get behind this effort. Those in Seattle can go to City Council Budget Committee on Wed. Oct 25 to speak in support.
Read article “Could Seattle Take the Next Step Toward a Municipal Bank?” on The Stranger.