Author and consumer advocate Ralph Nader recently sent PBI a copy of a letter he’d penned to Representative Maxine Waters and Senator Sherrod Brown requesting that the committees they chair — the U.S. House Committee on Financial Services and the U.S. Senate Committee on Banking, Housing, and Urban Affairs, respectively — launch comprehensive hearings on public banking. In the letter, Nader describes the value these hearings would bring and recommends PBI Chair Ellen Brown be among those to give testimony.
“The giant Wall Street banks have been operating in an undeserved paradise – huge, huge profits, a near-zero interest rate-driven Federal Reserve against 150 million savers, quantitative easing and implied Washington bailout guarantee if the big boys get too greedy and start another collapse of the economy. Plus, off-the-wall executive compensation accorded by powerless shareholders keeps getting worse even during the Covid-19 pandemic. With all this, these banks are not performing their investment duty for our economy and have been shifting increasingly into speculative activity on their own behalf. Necessary public investments await public infrastructure banks.
“Very often, when movements are bubbling up back home, it takes Congressional visibility and education to move to the next stage.”