#PublicBanks : An Important Idea Whose Time Is Overdue
"This is precisely why many New York-based Community Development Financial Institutions (CDFIs) – including Genesee Co-op Federal Credit Union, Lower East Side People’s Federal Credit Union ($89.5 million, New York), Cooperative Federal Credit Union ($35 million, Syracuse), and Neighborhood Trust Federal Credit Union ($17.7 million, New York) – are fighting to bring #PublicBanking to New York."
https://www.cutimes.com/2023/07/24/public-banks-an-important-idea-whose-time-is-overdue/?slreturn=20230625102156

So this begs the question: If the #FDIC creates temporary #publicbanks, why not make them permanent? California has been laying the groundwork that may allow us to do just that. In 2021, Assembly Bill 1177 was signed into law by Gov. Gavin Newsom to create a commission to study a statewide public banking option. And in 2019, Assembly Bill 857 amended the California Financial Code to authorize the formation of public banks; and created a #regulatory #framework for the operation of public banks.

https://www.smdailyjournal.com/opinion/guest_perspectives/it-s-time-for-a-public-bank/article_27391a5c-0408-11ee-81be-cf101fc90b1e.html

@Thomas_Marois
Calls for #Publicbanks are heating up.
As communities dig into their real promise, let's not forget #publicbanks are powerful and contested entities that need democratic armoring.👁️

👇Open Access👇

A Dynamic Theory of Public Banks (and Why it Matters)
https://www.tandfonline.com/doi/full/10.1080/09538259.2021.1898110#.ZEOo4ol2aaE.twitter

The collapse of #SiliconValleyBank left low-income communities without billions in promised lending, despite the federal bailout that benefited the bank's wealthy depositors and new owner.

We need #PublicBanksNow

#BankingCrisis #PublicBanks
#PublicBank #PublicBanking #SVB #SignatureBank
https://www.levernews.com/regulators-stiffed-low-income-communities-in-silicon-valley-bank-bailout/

From @NextCityOrg :
Lifting or eliminating the cap on FDIC insurance for banks could be part of the response to the current #BankingCrisis. Here’s what it could mean for local, community and #PublicBanks .
#PublicBank #PublicBanking
https://nextcity.org/urbanist-news/removing-the-federal-deposit-insurance-cap-could-transform-local-public-ban

What if we had #PublicBanks that prioritized the greater good, rather than private banks prone to taking profit-chasing risks?
https://www.vice.com/en/article/3akzbb/private-banks-are-in-crisis-what-if-they-were-public-banks

What actions are you taking this week and month around issues that you care about in your city, county and WA state?

What events coming up should other people know about?

#housing #transit #broadband #PublicBathrooms #PublicBanks #PublicLands #Politics #Elections #ProgressiveRevenue #Abolition #StopTheSweeps #EducationFunding #ClimateEmergency

How do you show up in solidarity with most impacted communities?

ICYMI from our #Publicbanks Conference

A Short History of Public Banks in Canada - Marc Andre Pigeon https://youtu.be/chRI2Sp25J8

@farhanasultana

Thanks Farhana for spearheading this.

I work on #Publicbanks and how they might finance green & just transitions. My work looks at cases in the global North & South, focusing on decarbonisation, definancialisation, and democratisation. I see public banks as contested social relations, so not inherently good or bad.

I work with all kinds communities on this -- from grassroots movements in the US to national efforts in Vietnam to multilateral forums.