In the News

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.

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.

Capital Tonight — For decades, many banks in the U.S. denied mortgages to people of color based strictly on race or the neighborhood where they lived. The practice, which started in the 1930s, was called red-lining and it was backed by the U.S. government. It’s one of the reasons that black families lost out on the wealth accumulation that white families have leveraged for the past 90 years.