News & Events
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The Nation: What if the People Owned the Banks?
The Nation — After Silicon Valley Bank failed earlier this month—the largest bank to do so since Washington Mutual in 2008—blame was rightfully placed on a number of culprits: congressional deregulation, reckless Federal Reserve policy, and of course, absurd mismanagement from the board of the bank itself.
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Public News Service: NYS Legislation Considers Bill to Create Public Banks
Public News Service — The New York State Legislature is considering a bill to allow the creation of public banks. The New York Public Banking Act would authorize municipal and other local governments to form and control public banks through ownership interests such as capital stock. The hope is these banks will invest in community endeavors rather…
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Marketplace: Why Don’t We Have a Public Banking Option in the U.S.?
Marketplace — Amid the recent implosions of Silicon Valley Bank and Signature Bank, advocacy groups have continued to push for what they call a safer alternative to the private sector: banking services provided by the government.
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Majority of Senate Co-Sponsors New York Public Banking Act
Today, New York State legislators joined community and labor groups from across the state in calling on Albany to enact the New York Public Banking Act (S1754/A3352), which as of late last week has been co-sponsored by a majority of the NYS Senate.
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Vice: Private Banks Are In Crisis. What If They Were Public Banks?
Vice — The failure of Silicon Valley Bank and Signature Bank, both known for making risky investments and concentrating on banking speculative sectors, is invigorating the nationwide movement to get cities and states to put their deposits in public banks, which are designed to reinvest in communities and which do not have to reap profits for shareholders.
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Community and Labor Groups Raise Alarm Over Latest Financial Crisis, Urge Lawmakers to Adopt Public Banking
In response to the banking crisis sending shockwaves through the economy, a statewide coalition delivered a letter to NYS Senate Majority Leader Andrea Stewart-Cousins and NYS Assembly Speaker Carl Heastie urging passage of the New York Public Banking Act to “give local governments a sorely-needed ‘public option’ for holding public deposits.” The bill would create a safe…
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NY State of Politics: New York Public Banking Supporters Say Recent Failures Show Need for Law
NY State of Politics — Supporters of a measure that would create public banks in New York pointed to the recent failures of financial institutions like Silicon Valley Bank and Signature Bank as an impetus for the passage of a measure that would enable public options for deposits.
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Vice: Collapsed Signature Bank Made Risky Loans to Predatory Landlords
Vice — Over the past week, bank runs have caused multiple U.S. institutions serving the technology and crypto industries to collapse. Two banks, Silicon Valley bank (SVB) and Signature Bank, have been placed into receivership with the Federal Deposit Insurance Corporation (FDIC), which will put all deposits into bridge banks run by the FDIC until they…
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Gothamist: NYC has $60M in Signature Bank Accounts, Fueling Calls for More Scrutiny
Gothamist — A run on New York-based Signature Bank put tens of millions of taxpayer dollars at risk, fueling calls for more scrutiny of banks the city uses to hold the public’s cash.
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Comptroller, Public Advocate, Borough Presidents, Council Members, Groups Call on Albany to Clear Way for NYC Public Bank
Today, elected officials, including City Comptroller Brand Lander, Manhattan Borough President Mark Levine, and members of the City Council, joined the Public Bank NYC coalition for a spirited press conference calling on the state to enact legislation opening the way for public banking in New York City.