March
2023
28
The Nation — After Silicon Valley Bank failed earlier this month—the largest bank to do so since Washington Mutual in 2008—blame was rightfully placed on a number of culprits: congressional deregulation, reckless Federal Reserve policy, and of course, absurd mismanagement from the board of the bank itself.
March
2023
28
Public News Service — The New York State Legislature is considering a bill to allow the creation of public banks. The New York Public Banking Act would authorize municipal and other local governments to form and control public banks through ownership interests such as capital stock. The hope is these banks will invest in community endeavors rather than interests in line with making the bank profit. A report from the Rainforest Action Network said some of the largest banks in the nation are heavily invested in the fossil-fuel industry despite world policy shifts to renewable energies.
March
2023
23
Marketplace — Amid the recent implosions of Silicon Valley Bank and Signature Bank, advocacy groups have continued to push for what they call a safer alternative to the private sector: banking services provided by the government.
March
2023
20
Vice — The failure of Silicon Valley Bank and Signature Bank, both known for making risky investments and concentrating on banking speculative sectors, is invigorating the nationwide movement to get cities and states to put their deposits in public banks, which are designed to reinvest in communities and which do not have to reap profits for shareholders.
March
2023
17
NY State of Politics — Supporters of a measure that would create public banks in New York pointed to the recent failures of financial institutions like Silicon Valley Bank and Signature Bank as an impetus for the passage of a measure that would enable public options for deposits.
March
2023
14
Gothamist — A run on New York-based Signature Bank put tens of millions of taxpayer dollars at risk, fueling calls for more scrutiny of banks the city uses to hold the public’s cash.
March
2023
2
New York Amsterdam News — Passionate Black and brown housing advocates from across New York City rallied at City Hall last Thursday to demand the passage of “social housing” bills that would address the city’s housing crisis.
March
2023
2
Noema — Gregory Jost noticed the first two bank branches close in the Bronx about six months before the pandemic. They were right next to each other: a Chase and a Bank of America, about three blocks from his son’s school in Norwood, and one day, he walked by and saw they were gone.
March
2023
1
Gotham Gazette Opinion — Here’s something that might surprise you: Almost all of the $100 billion in revenue New York City will collect this year to pay for schools, buses, and other public services will be deposited in three big banks – JPMorgan Chase, Bank of America, and Citi. That’s because New York State requires local governments to put our public funds in banks, essentially handing Wall Street a lucrative monopoly that it has lobbied to uphold for more than a century.
February
2023
24
AM New York — Progressive City Council members have renewed their push for legislation aimed at reducing housing speculation by giving nonprofits and community land trusts priority on purchasing housing that come up for sale.