Public banks are tools for creating shared prosperity. The Public Banking Institute (PBI) was formed in January 2011 to spread awareness of the transformative power of public banking and support efforts to create public banks at every level of government.
Our mission is to inspire, enable, and support Public Bank initiatives, returning control of money and credit to states and communities.
Our vision is that a network of publicly-owned banks will be established that create affordable credit and allow communities to declare independence from Wall Street’s high-risk, expensive, unaccountable private banking system.
Our goal is to establish a safe, affordable, community-driven alternative to the costly and dangerous financial system controlled by Wall Street. By giving states and communities the power to create money and decide where it is invested, public banks can
- support local business and create jobs
- build and maintain infrastructure
- support and expand public budgets, and
- stabilize communities in times of economic crisis
Public banks don’t replace local banks. They partner with community banks to fill the gaps in our financial infrastructure and make affordable loans available to governments and creditworthy homeowners, students and entrepreneurs. Public banks can finance green energy, affordable housing and worker-owned cooperatives. And instead of supporting wealthy shareholders, public bank profits return to the communities they serve.
Public banking is banking in the public interest.
Our goal: 5 by 2020! We hope to have five Public Banks well on their way to reality by 2020 and for people everywhere to understand how public banking can benefit them.