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public banking
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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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Letter to NYS Senate Majority Leader Stewart-Cousins and Assembly Speaker Heastie Calling for Passage of the NYS Public Banking Act
We write to express our alarm over recent reports that hundreds of millions of dollars in public deposits belonging to New York local governments are held at failed Signature Bank. Our coalitions, which include dozens of community and labor groups representing hundreds of thousands of New Yorkers, strongly urge you to pass the New York…
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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.
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Noema: Banks For The People
Noema — Gregory Jost noticed the first two bank branches close in the Bronx about six months before the pandemic. They were right next to each other: a Chase and a Bank of America, about three blocks from his son’s school in Norwood, and one day, he walked by and saw they were gone.
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Gotham Gazette Opinion: To Achieve Real Financial Accountability, New York City Needs a Public Bank
Gotham Gazette Opinion — Here’s something that might surprise you: Almost all of the $100 billion in revenue New York City will collect this year to pay for schools, buses, and other public services will be deposited in three big banks – JPMorgan Chase, Bank of America, and Citi. That’s because New York State requires…
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Roundup: Albany Day of Action for Public Banking & Housing Justice
New York’s 2023 legislative session is underway, and New Economy Project is working with groups statewide to advance a bold policy agenda that builds wealth and power in Black, brown, and immigrant communities.