Watch the replay (Facebook link) of the very engaged and informative Ohio Town Hall, which took place Tuesday Nov 10.
Public banks — banks owned by the public — have been shown to respond more rapidly, effectively and equitably to crises than privately-owned banks. The Town Hall, “Bring On the Power of Public Banking: How to Rescue Main Street Post COVID-19,” was hosted by the Public Banking Institute and co-sponsored by the following organizations:
- American Independent Business Alliance (AMIBA)
- Ohio Sustainable Business Council (OSBC)
- Support Ohio Local Economies (SOLE)
- Simply Living
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 examined how a public bank could become a real financial lifeline to struggling Ohio communities desperate for funds, by staving off economic disaster and jump-starting the economy.