public banking
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160+ Community And Labor Groups Call on Albany to Pass NY Public Banking Act
Today, 163 organizations from across New York State delivered a letter to Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie urging swift passage of the “New York Public Banking Act” (S1754/A3352) to advance racial and economic justice and ensure that public money works for the public good.
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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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Testimony Before the New York City Council Committee on Finance, in Support of the People’s Bank Act
This year, the City of New York will collect more than $100 billion in revenue, from taxes and other sources, to fund public services. Currently, most of this money is placed on deposit with large, commercial banks that systematically harm New Yorkers and finance fossil fuels, speculative real estate, and other destructive industries. Public banking…
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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.