Phoenix Goodman and Trinity Tran from our allies Public Bank LA and Divest LA delivered a powerful extended interview with Cenk Uygur on TYT in early February. Watch them give an excellent tactical and strategic step-by-step for any community wanting to make revolutionary systemic change.
Trinity Tran states how the coalition’s effort to persuade LA city officials to divest the city's funds from Wells Fargo succeeded:
“[It] would send a very powerful message to Wells Fargo and to all big banks: If you finance harm to our community, we will defund you. … We created a very specific agenda … leveraging policy and protest.”
Phoenix Goodman explains how Divest LA took the natural next step to Public Banking:
“The dilemma that hit us: yes you can divest from a big bank, but the only other banks that can handle that volume are other Wall Street banks. The penny dropped. … Can we create a city Public Bank?”
Trinity Tran continued:
“Our advice to activists is: be bold. You can actually educate and inspire a lot of our elected officials.”
“A small group of dedicated people can make a big difference.”
“In whose interest the banks are run at the end of the day determines almost everything else in the economy, because everything requires money. … You want to make sure the banks use that power to create and leverage money in the interest of the people. The solution is the Public Bank solution at both the municipal level and the state level."
“Right now in Los Angeles we pay over $100 million in interest and fees that go straight to the coffers of Wall Street. Our infrastructure projects, 50% of the cost of our infrastructure projects are also interest and fees that go directly to Wall Street. So if we have a city owned bank, all of that money stays within our City. It gets redirected back into the community so it can fund low-interest student loans, it can fund low income housing, it can fund green energy projects.”