Photo caption: The Second Bank of the United States operated as a public bank from 1816 to 1836. Its headquarters building is now the Portrait Gallery of Independence National Historic Park, Philadelphia. Source: Wikimedia Commons.
Phillip Pantuso, writing in Hudson Valley’s The River, enumerates the many benefits that are inspiring the expanding grassroots movement for public banking. Since New York City residents are increasingly buying second homes in the region, the story reaches an influential audience in advance of next year’s push for New York’s version of California’s Public Banking Act, NY S 5565. Pantuso concludes:
“[W]hile public banking may have been born of socialism, public banks can help create a more stable and just economy under capitalism, one that centers the concerns of community members over profits, which will be needed to fund projects like the Green New Deal.”
Pantuso points out that the Hudson Valley has already been expressing an increasing preference for local lenders over Wall Street behemoths. If current trends continue, deposits in local banking institutions in Ulster County, for example, will exceed those in national banks in three to four years.