Public Bank NYC announced today that it has received a three-year, $276,000 grant from the Scherman Foundation’s Katharine S. and Axel G. Rosin Fund. The award supports the coalition’s campaign for a municipal public bank in New York City, and represents the first major grant that Public Bank NYC has received for its members since its launch in summer 2018.
A look inside recent community meetings on public banking in the Bronx, Queens, and Brooklyn.
Although public banking is an unfamiliar concept to many here in the United States – there’s only one notable example, the Bank of North Dakota – public banks are common throughout the world.
Fast Company — For the latter half of 2016, the Standing Rock Sioux and activist allies from all over the country camped out in North Dakota to protest the construction of the Dakota Access Pipeline, which was likely to harm their native lands through an invasive engineering process and inevitable oil spills.
Today, members of the Public Bank NYC coalition rallied at a meeting of the NYC Banking Commission to call on the City of New York to divest from banks that harm New Yorkers and NYC neighborhoods, and to invest in communities through a public bank.
WBAI Living for the City — Our Andy Morrison and New York Communities for Change’s Jamie Tyberg speak with host Michael G. Haskins about the Public Bank NYC campaign.
In These Times — Wall Street bankers in expensive suits stopped and snickered on their lunch breaks June 5, 2018, as an eclectic group of New Yorkers with megaphones and banners called them out for investing in socially destructive industries—including private prisons, predatory lending, weapons manufacturing and, of course, fossil fuels.
Our organizations support the concept of “postal banking,” as a potentially transformative form of public banking. As banks continue to redline New York neighborhoods — perpetuating poverty, inequality, and segregation — bold solutions like postal banking are clearly needed. Some recently-introduced proposals, however, would exacerbate our two-tiered financial system and promote debt as a solution to people’s financial struggles.
Gotham Gazette — After an election where the issue saw little mainstream political attention, climate change and what to do about it has come roaring back to the forefront of the New York political scene.
Nonprofit Quarterly — It’s time to walk the talk on climate change. That’s the message activists communicated this week when they rallied outside New York City Hall on the fourth UN-backed Annual Climate Finance Day to demand that New York divest from its designated banks, which invest heavily in the fossil fuel industry, and create a municipal public bank.