News

By: Alejandra Molina, NextCity.org. Alejandra discusses bank accountability with Public Bank LA's Community Outreach Director Carlos Marroquin and Legislative Director Dave Jette.

Community organizer Carlos Marroquin, 57, of Hollywood, is a housing advocate who knows of homeless people who are employed but do not make enough to put a roof over their heads. He envisions a city-owned bank that would work directly with community banks and credit unions, “providing them the money they need to be able to give reasonable and affordable mortgage rates to people.”

It might sound like an outlandish plan, but he’s far from alone. In New York City, for example, dozens of residents and community organizers in early June gathered in front of the New York Stock Exchange to launch the Public Bank NYC Coalition, a group calling for the creation of a New York City-owned bank. Oakland and San Francisco are exploring the idea. New Jersey and Michigan are also considering setting up state-owned banks.

By: Aaron Fernando, Progressive.org. Aaron talks with Deyanira Del Río, co-director of the New Economy Project and Trinity Tran, co-founder of Public Bank LA on the growing national grassroots public banking movement.

The other day in front of the New York Stock Exchange, a diverse group of demonstrators held colorful signs and chanted, “Hey, hey! Ho, ho! Wall Street banks have got to go!” The rally on June 5 was reminiscent of the Occupy Movement seven years ago—a microcosm of organized, strategic social and political demonstrations across states.

But the new movement extends beyond protest to present a practical solution to the problem caused by big banks that continue to fail large segments of society. The rally on Wall Street called for establishing a public bank for New York City, as part of a broader movement to establish public banks in cities and states across the United States.

In contrast with big private banks, which balance customer satisfaction against generating shareholder profit, public banks are fully operated with the public interest in mind.

By: Matt Stannard, Occupy.com. Matt talks with Trinity Tran and Phoenix Goodman in his latest article for Occupy.com. This is Part 5 of a 10-part series on public banking and economic justice.

In 2014, then-Santa Fe Mayor Javier Gonzales recognized that poverty and shrinking city budgets were problems that needed out-of-the-box solutions. Deeply concerned with inequality, Gonzales welcomed a discussion about public banking and even participated in a conference featuring leading figures in the movement. He later cheered on his Santa Fe City Council’s approvalof a feasibility study that concluded that a city-owned bank would have an impact of millions of dollars a year in savings and investment potential for the city.