News Stories on Municipal Banking/Public Banking
Responding to grassroots pressure, DC Council takes step toward public bank. From DC Reinvest. Published June 15, 2017 "A day before a federal judge ruled that the Trump administration's rushed approval of the Dakota Access Peipeline violated environmental laws, Washington, DC took a small step towad exploring a new financial system that, if established, would replace the District's reliance on the corporate banks that fund the pipeline with a community-owner alternative.
What if People Owned the Banks, Instead of Wall Street? From Seattle to Santa Fe, cities are at the center of a movement to create publicly owned banks. Published May 22, 2017 by The Nation, Jimmy Tobias "... the scheme cost cities and states around the country well over $6 billion. In June of 2015, Citigroup, JPMorgan Chase, and Barclays, among other Libor-rigging giants, pleaded guilty to felony charges related to the conspiracy and agreed to pay more than $2.5 billion in criminal fines to US regulators. But, for Brandt, that wasn’t enough. He wanted the banks banished, blocked from doing business in his city"
Chloe Eudaly Wants To Look Into A City-Owned Bank; Here's What That Means - Published April 26, 2017 by Portland Mercury, Dirk VanderHart "Earlier this month, Eudaly began casually mentioning what would be a mammoth undertaking: She wants to study how Portland might create its own municipal bank, an unprecedented move advocates say would allow Portland to keep much more of its cash local and help fund vital city priorities"
Alliance for Democracy
Support For The Creation Of A Pubic Bank - Embracing Socially Responsible Values - Published April 6, 2017, Justin Elardo in the Portland Observer, "Mayor Wheeler recently announced that the city of Portland, in protest of Wells Fargo’s financial involvement with the Dakota Access Pipeline, will pursue other, more socially responsible, banking alternatives. While a number of local alternatives might fit the mayor’s criteria for social responsibility, there is another solution that the city of Portland could pursue, the creation of its own Public Bank."
Will Oakland Become First U.S. City to Ditch Wall Street And Establish A Public Bank? - Proponents say an Oakland bank could rake in billions of dollars from the marijuana industry. Published March 19, 2017 in Eastbay Express
A County Public Bank: New tool that adds but does not subtract from taxpayers. by Mike Kruass Published Dec. 26, 2017 in The Intelligencer newspaper of Bucks and Montgomery Counties in Pennsylvania. "...in municipalities large and small a new tool is being fashioned for the municipal finance tool kit, one that adds to and does not subtract from the taxpayers or the local economy: a public bank." .
Public Banks Can Help Cities Honor Promise To Give Sanctuary To Immigrants, Published Dec. 13, 2016 in Truthdig. "If McEvers had asked what possible sources of funding might replace the money Trump is threatening to take away, Gonzales might have answered that Santa Fe was in the advanced stages of considering the creation of a publicly owned bank."
Minneapolis explores ending its Wells Fargo relationship; bank responds Dec. 8, 2016. The city council of Minneapolis has unamiously voted to look at alternative to continuing their relationship with Well Fargo and will look at the possibilities forming a public municipal bank could have for the city.
Follow up story from Inside Sources: City of Minneapolis May Start Its Own Bank So It Doesn't Have to Do Business With Any Bank Funding Fossil Fuel Projects.
Op-ed from bank industry insider opposing Minneapolis municipal bank City Owned Bank Is Possible, But Its Probably Not Necessary
Stash Saving at the Bank of Oakland? City Council to Study Public Banking, Published Nov 29. 2016. NBC East Bank News. "Stash your cash in the Public Bank of Oakland? With the city council exploring a proposal to open a public bank, it could be possible. And it would provide a place for marijuana moguls to do their banking.
Oakland council members Rebecca Kaplan, Dan Kalb and Abel Guillen want the city to cut ties with big banks and start a public bank."
A Public Bank to Invest Directly in New Jersey -- and for New Jersey
Public banks can work for citizens by Mike Krauss Published July 18 2016 in the Santa Fe New Mexican newspaper. Mike is the co-founding director of the Public Bank Institute.
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