Seattle divestment activists seek to cut ties with Wall St and create a public bank

Seattle divest movement

Photo courtesy Last Real Indians

 

The publication Last Real Indians writes that Seattle’s feasibility study does show a viable path forward toward a public bank.

“‘The exhaustive public bank feasibility study shows a way forward in the establishment of a financial institution that aligns itself with the core values of the City of Seattle,’ said Matt Remle, speaking on behalf of some members of the stakeholder group. … The next step is for the City to fund a business plan. The study lays out a step-by-step approach to successfully meet legal and regulatory requirements. …”

The article continues:

“‘Last year, my Council colleagues and I voted to fund this study to see how we can move forward and align the City’s banking with our values and goals. What we’ve learned from this study is while the path to a public bank may not be easy due to regulatory hurdles, it’s possible. I am excited for the possibility of the city banking with an institution that is consistent with our city’s values. One step identified is relaunching the financial services RFP that can allow for more appropriate banking services,’ said Councilmember O’Brien. …

“‘[The study] addresses how the public bank, once firmly established, could lend for public infrastructure. The study is a vital step towards a public bank in support of the city’s long-term growth and prosperity,’ said Dennis Ortblad, also on behalf of some members of the stakeholder group.”

[Read the full article]

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