Public banks — banks owned by the public — have been shown to respond more rapidly, effectively and equitably to crises than privately-owned banks. The public is invited to learn how at an informative Town Hall titled “Bring On the Power of Public Banking: How to Rescue Main Street Post COVID-19,” hosted by the Public Banking Institute and supporters in Chico, CA, which took place Thursday, October 22.
Even after the CARES stimulus package, states and cities face serious budget crises and communities are struggling to survive, in the wake of mass unemployment, exploding costs, and plummeting tax revenues. Interest rates on municipal bonds have shot up, while interest rates for banks have dropped virtually to zero. What can states and cities do? Form their own publicly-owned banks.
Town Hall panelists examine how a public bank could become a real financial lifeline to struggling Butte County communities desperate for funds, staving off economic disaster and jump-starting the economy.