FOR IMMEDIATE RELEASE: June 5, 2024
Contact: Andy Morrison, andy@neweconomynyc.org
AFSCME NY, CWA District 1, New Yorkers for Fiscal Fairness, NYPIRG, Strong Economy for All endorse “Bank of Rochester Act”
Public Banking is Accountable Economic Development in the Public Interest, say Labor and Watchdog Groups
Albany, NY – Today, five leading good government and labor groups announced their support of the Bank of Rochester Act (S9326/A10134), which would authorize Rochester to establish a public bank to hold government deposits and reinvest in local economic development. AFSCME NY, CWA District 1, New Yorkers for Fiscal Fairness, NYPIRG, and Strong Economy for All argue the bill represents the kind of accountable economic development that the state should support, as opposed to massive corporate giveaways that often fail to deliver on their promises.
New York State spends approximately $10 billion annually on subsidies to businesses. Despite this massive investment, the state has seen minimal returns. In one notorious example, the state’s $270 million expenditure to lure a clean energy company to Genesee County resulted in only 68 jobs – costing taxpayers a staggering $4 million per job. In contrast, the groups assert that a Rochester public bank would foster equitable economic development with minimal risk of ever needing state support.
The public bank would serve Rochester and Monroe County with the kind of transparent and accountable economic development that everyday New Yorkers will see and feel – from affordable housing and mortgages for first-time home buyers to small business development that leads to good jobs in low-income communities and communities of color.
The groups are calling on the state legislature to pass the bill before the session wraps up this week.
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