A Movement for Public Banking Gains Momentum

by Public Bank LA
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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.

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A Tale of Two Cities: Can the Public Banking Movement Learn How to Fight?

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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.

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The Ultimate Cash Crop

by Public Bank LA
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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.”

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