Graphic courtesy Fast Company.
Fast Company magazine devotes a long read to public banking and how it has rapidly “gone from a fringe idea … to a viable policy route that cities from San Francisco to Washington, D.C., are considering.”
Writer Eillie Anzilotti turns to PBI Chair Ellen Brown to describe how public banking, including a national public bank, would be a necessary feature of a Green New Deal. Ellen explains:
“It would be very difficult to come up with the money for a Green New Deal without a public banking system. … We need to harness the power of the Federal Reserve to do something other than bail out big private banks.”
“The push for public banking shows that perhaps the question is not how much money is required, but rather, if the existing financial system in the U.S. is the best and most efficient mechanism through which to funnel the necessary financial resources. Organizers and movement leaders like Brown suggest that it’s not, and a network of banks that are beholden to the public and to larger equity and environmental aims, rather than private shareholders and executives, could be the key to getting the wheels turning on the Green New Deal.”