News

By: David Dayen, The New Republic. David talks to Dave Jette of Public Bank LA and Walt McRee of the Public Banking Institute on finance moving from blind profit to solving actual public needs. The Ultimate Cash Crop - How a pot crisis restarted a conversation about public banking in America.

In January, days after Californians were first allowed to buy recreational marijuana in the state, Attorney General Jeff Sessions issued a memo to federal prosecutors instructing them not to shy away from enforcing federal pot laws. “Marijuana is a dangerous drug,” Sessions wrote. “Marijuana activity is a serious crime.”

On April 10, 2018, the Los Angeles County Democratic Party (LACDP) unanimously voted to endorse the Public Bank of Los Angeles, taking a position in favor of socially and environmentally responsible, state-chartered public banks. The resolution is a significant milestone for the public banking movement, as the LACDP represents over 2.4 million registered Democrats.

By Aaron Fernando, The Progressive. The Progressive Magazine talks with Phoenix Goodman and Trinity Tran of Revolution LA/ Divest LA/ Public Bank LA and Walt McRee of the Public Banking Institute on the rising public banking movement.

2018 could be a turning point in the way banking is done in America. The creation of publicly owned banks could save the public millions in fees and interest each year, lead to improved financial infrastructure, and drastically reduce the cost of public projects. In recent months, more than a dozen American cities and states have been exploring the idea of transferring their accounts from private banks into banks of their own.