Virginia’s public banking effort is rapidly gaining steam

Front Royal, Virginia

Front Royal, Virginia. Photo by Fancycrave.

 

Virginia's effort to establish a public bank for the state, called The Bank of Virginia Act,  is rapidly gaining supporters, reaching 10 candidate endorsements last week. Yesterday, April 17, advocates held a public banking “community conversation” on the issue. Over the weekend, Tiffany Potter, Waynesboro Democratic Committee chair, published a column in the Daily Progress supporting public banking, in which she described its benefits like this:

“Public banks can be chartered and managed so they support local lending within the jurisdiction in which they operate. This directly benefits the community rather than maximizing profit through investment of the depositors capital (as private banks do).”

There was a robust turnout for the April 17 community conversation meeting when Austin Sachs, director of Protect US, led a presentation and discussion on public banking with the Waynesboro and Augusta County Democratic parties. The discussion centered on how a public bank could help local municipalities and local businesses in the region. Two endorsers of the Bank of Virginia Act were in attendance, Jennifer Lewis and Jennifer Kitchen. Protect US looks forward to continued conversations like these across the state of Virginia!

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