Why California residents want public banks

Occupy Oakland encampment

Photo by Paul Sakuma courtesy NextCity


The coalition of California cities now working toward establishing locally-accountable, ethical, publicly-owned banks demonstrates that many people did learn fundamental lessons from the most recent financial crisis. Zoe Sullivan writes in NextCity:

“People came together after Ferguson to think about what we could do to take our money out of this system and keep it in our communities,” says YaVette Holts, [founder and executive director of the Bay Area Organization of Black-Owned Businesses, known as BAOBOB]. … When she learned about the public bank initiative, Holts says it was clearly a natural fit.”

Sullivan continues:

“[A public bank] would create a resource of funding that would be accessible to our constituents for major things like buying a home or starting a business,” says Holts. …

“Paul Pryde, [former chief consultant to the U.S. International Trade Administration on loan guarantees and member of Friends of the Public Bank of Oakland,] explains. ‘If you put a dollar into the public bank, it can make ten dollars’ worth of financing for renewable energy and other projects. … [T]hey’re ideas that I think worth exploring mainly because they have to potential to bring in significant amounts of money without stretching local budgets.”

[Read the full article]

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