Curious about our work at New Economy Project? Want to learn more about our campaigns to advance public banking, community land trusts, neighborhood equity, and cooperative economics? Please join us on Thursday, July 29 for a mid-year briefing! RSVP here.
The Nation — Even as the pandemic devastated New York City, megabanks like JPMorgan Chase and Bank of America continued to do a roaring trade. And now those financial behemoths are set to manage the funds that New York City and other municipalities will be deploying for the recovery. But financial justice advocates want to see the City move its money from the Wall Street titans to a public bank, owned and operated by the people.
Community and housing activists joined elected officials at a rally at City Hall Park today, as they called for a just budget that includes $1.51 million for the Citywide Community Land Trust (CLT) Initiative to expand community control of land and housing in NYC’s Black, brown and immigrant communities. Funding will support 14 neighborhood-based CLTs organizing across the five boroughs, as well as four citywide technical support organizations.
As the Mayor and City Council finalize next year’s budget–expected to be the largest in NYC’s history–we are calling for strong support for community land trusts (CLTs). Join us in calling for full funding of the $1.5 million Citywide Community Land Trust Initiative!
Daily News — New York has been making slow, halting moves in the direction of creating a public bank — a publicly owned financial institution that would facilitate financial services, especially loans, to help students, families and small businesses, using the billions of dollars in tax revenue, fees and fines and operating cash the city controls.
Newsday — Banks have charged Long Islanders an estimated $120 million in overdraft, ATM and maintenance fees since the start of the pandemic, compounding the economic hardships experienced by low-income residents, according to a report issued by a coalition of progressive groups Wednesday.
Today, members of the Public Bank NYC coalition held a news conference at the “Charging Bull” sculpture to call out Wall Street for mauling New Yorkers with predatory fees during the COVID-19 pandemic, and to call on Albany to pass the “NY Public Banking Act.”
Gotham Gazette- Reopening the door to Wells Fargo suggests that city officials have not learned the lessons of the past year, or decades. In the face of New York’s severe affordable housing shortage, climate devastation, and extreme racial wealth inequality—all exacerbated by COVID-19—we need bold action.
A public bank would build wealth and power in communities hardest hit by the pandemic. It’s needed now more than ever.
Members of the Public Bank NYC coalition and the NYC Council slammed the NYC Banking Commission’s decision today to approve Wells Fargo’s request to resume holding New York City deposits – potentially billions of dollars. The Banking Commission – composed of the Mayor, Comptroller and Commissioner of Finance, and charged with selecting which banks may hold city deposits – voted today without allowing any input from the public.
Today, an obscure public body, the NYC Banking Commission, will decide the fate of billions of public dollars when it meets to select which banks may hold the city’s cash for the next two years. The big question before the Commission is whether the city should resume banking with Wells Fargo after cutting ties with the scandal-ridden bank in 2017.