News & Events
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WBAI’s Living for the City: Public Banking
WBAI’s Living for the City — The move toward the creation of a Public Bank in NYC–its status and necessity, explained by Andy Morrison, associate director of New Economy Project.
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Hell Gate: Which Banks Should Get to Hold NYC’s Billions in Cash?
Hell Gate — In 2021, New York City officials won praise when the boards of several of the City’s five pension funds voted to divest $4 billion from firms invested in fossil fuels. “Today is a major victory for our planet, our children, and our pensioners,” the City Comptroller’s office declared in a statement.
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City Council Holds Hearing on Creating a New York City Public Bank
The New York City Council Committee on Finance held a hearing today on a series of bills, collectively dubbed “The People’s Bank Act,” to create a public bank in New York City. A public bank will enable the city to leverage its immense financial resources toward advancing economic security and shared prosperity for all New…
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“Never let a good crisis go to waste”
Interest in public banking has surged in the wake of the sudden collapse of Silicon Valley Bank and Signature Bank – the second and third largest bank failures in U.S. history – and it is easy to understand why.
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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…