States, cities and towns are facing serious budget crises, and communities are struggling to survive in the wake of high 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? One option enables cities and states to take the initiative to fund their own recovery. That option is to form their own publicly-owned banks.
The Coalition for Public Banking in Ohio is working to make banking in the public interest a reality. If you were not able to attend the launch of our first Town Hall event this past November, here is a link to the recording. The first 30 minutes present a slide show that provides an overview of the public banking movement.
The Coalition is gathering again to develop effective strategies to build a diverse coalition of advocates for public banking in Ohio. Together with PBI we will explore the benefits that public banking can bring to state, regional, and local governments in the state. The Coalition has not yet developed or endorsed any specific proposal to establish a public bank. Our goal is to educate, advocate, and lobby the governor, mayors, state and local legislators, and agency administrators to create public banks capable of investing in the needs of Ohio communities.