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Market Watch: The Looming $21.3 Billion in Debt That Could Cost Americans Their Homes
Market Watch — Nearly 6.4 million households owe an estimated $21.3 billion in rent debt, putting them at risk of losing their homes when the national eviction moratorium expires on Saturday.
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Mid-Year Briefing for Supporters
Thanks to all who attended our July 2021 briefing for supporters! Check out video from the briefing here, and stay tuned for more ways to learn about and get involved in our work.
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New Economy Project Testifies at Historic House Committee Hearing on Growing Public Banking Movement in NY
New Economy Project’s Co-Director, Deyanira Del Río, testified before the U.S. House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions last week on the growing movement for local public banking in New York. Rep. Alexandria Ocasio-Cortez, who spoke at the hearing—one of the first on public banking in modern American history—said it was…
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NowThis News: AOC Calls Out Colleagues for Banking Bill Comments
Our co-director Deyanira Del Río testifies before the U.S. House Financial Services Committee, Subcommittee on Consumer Protection and Financial Institutions, and answers questions from Representative Alexandria Ocasio-Cortez.
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The Nation: Why Shouldn’t the People Own the Banks?
The Nation — Even as the pandemic devastated New York City, megabanks like JPMorgan Chase and Bank of America continued to do a roaring trade. And now those financial behemoths are set to manage the funds that New York City and other municipalities will be deploying for the recovery. But financial justice advocates want to…
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Community Groups, Rep. Velázquez, Public Advocate Williams, Council Members Call for Full Funding of Community Land Trusts in NYC Budget
Community and housing activists joined elected officials at a rally at City Hall Park today, as they called for a just budget that includes $1.51 million for the Citywide Community Land Trust (CLT) Initiative to expand community control of land and housing in NYC’s Black, brown and immigrant communities. Funding will support 14 neighborhood-based CLTs…
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(Archive) Take Action: Support Community Land Trusts Today!
As the Mayor and City Council finalize next year’s budget–expected to be the largest in NYC’s history–we are calling for strong support for community land trusts (CLTs). Join us in calling for full funding of the $1.5 million Citywide Community Land Trust Initiative!
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Daily News: An Idea New York Should Invest In: A Municipal Bank Makes Great Sense
Daily News — New York has been making slow, halting moves in the direction of creating a public bank — a publicly owned financial institution that would facilitate financial services, especially loans, to help students, families and small businesses, using the billions of dollars in tax revenue, fees and fines and operating cash the city…
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Newsday: Banks Accused of Soaking Poor With Fees Amid Pandemic
Newsday — Banks have charged Long Islanders an estimated $120 million in overdraft, ATM and maintenance fees since the start of the pandemic, compounding the economic hardships experienced by low-income residents, according to a report issued by a coalition of progressive groups Wednesday.
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New Analysis Shows Banks Drained $1.7 Billion in Fees From New Yorkers’ Accounts During Pandemic
Today, members of the Public Bank NYC coalition held a news conference at the “Charging Bull” sculpture to call out Wall Street for mauling New Yorkers with predatory fees during the COVID-19 pandemic, and to call on Albany to pass the “NY Public Banking Act.”
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Gotham Gazette Op-Ed: New York City Gets Back in Bed with a Bad Bank — But There’s a Better Way
Gotham Gazette- Reopening the door to Wells Fargo suggests that city officials have not learned the lessons of the past year, or decades. In the face of New York’s severe affordable housing shortage, climate devastation, and extreme racial wealth inequality—all exacerbated by COVID-19—we need bold action. A public bank would build wealth and power in…
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Racial & Economic Justice Groups Slam Mayor de Blasio’s Vote to Have NYC Resume Banking with Wells Fargo
Members of the Public Bank NYC coalition and the NYC Council slammed the NYC Banking Commission’s decision today to approve Wells Fargo’s request to resume holding New York City deposits – potentially billions of dollars. The Banking Commission – composed of the Mayor, Comptroller and Commissioner of Finance, and charged with selecting which banks may…