Photo caption: SF Public Bank at San Francisco City Hall. Photo by Kurtis Wu.
The public banking movement rallying across the country is growing stronger by the week. Truthout is the latest publication to call attention to its influence and the surge of demands for public control of the public’s banking system. Robert R. Raymond writes,
“Spurred by the need for an alternative to the for-profit, extractive model of finance exemplified by Wall Street, there is a budding movement in the United States that is working to reimagine banking as an institution that truly serves the public. … Growing largely out of the need for more democratic ownership over capital, the aim of this budding movement is to create a robust public banking infrastructure across the nation that is rooted in the principles of economic, environmental, racial and social justice.”
Raymond talks with Kurtis Wu of SF Public Bank and the California Public Banking Alliance about how quickly advocates anticipate seeing real change. Wu says:
“If the state bill successfully passes, we will likely push for the creation of a public bank through a ballot initiative … putting this issue directly to the voters — so it’s ultimately decided by the people. There’s a fierce urgency to this, and we want to make sure that the timeline keeps up with that. I think that it’s possible for a fully-fledged and operating public bank to be created in five years.”