The New York Times asks, could public banks help cities keep their money away from Wall Street?

Santa Monica

Santa Monica, CA. Photo by Julian Howard.

 

In Tuesday's New York Times, Jill Cowan writes an update on the surging public banking effort in California, which has pushed the Public Banking Act, AB 857, through the state’s Assembly and on to the Senate. Cowan quotes Assemblyman David Chiu, one of the bill’s authors:

“Currently California cities turn over hundreds of billions of taxpayer dollars to our country’s largest Wall Street banks, who invest our money in industries antithetical to our state’s values and policies. This is an idea driven by millions of consumers who in recent years have experienced predatory lending, foreclosures, student loan debt, lack of access to small business capital and having millions of fake bank accounts opened in their names.

Cowan also talks to David Jette, Public Bank LA’s legislative director, who insists something has to change:

“We are the richest country in the history of mankind, and we cannot solve the intractable problems of inequality and homelessness.”

[Read the full article]

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