Today, a citywide coalition of labor and community groups and community-based financial institutions joined with NYS Senators, Public Advocate Jumaane D. Williams, and NYC Council Members to call for the creation of a public bank in NYC.
Fifteen Members of the NYC Council delivered a letter last week urging the NYS Legislature to pass the New York Public Banking Act (S.5565-C/A.9665-D), a groundbreaking bill that creates a pathway for New York cities, counties and regions to form public banks—financial institutions established by local governments and chartered to serve the public interest.
Even before COVID-19 gripped our communities, New York faced extreme racial and economic inequality.
Now, against the backdrop of a pandemic that has further devastated low-income and Black and brown communities, the New York State Legislature is preparing to reconvene next week, for what could be the last time this year.
City Limits — Now is the time to create a public banking system as the city prepares for deep budget cuts amid an inequitable economic crisis stemming from the Coronavirus pandemic, advocates testified Wednesday.
Systematic wealth extraction from communities of color hasn’t stopped for the public health crisis caused by COVID-19—and it won’t stop unless we transform our economy.
New York, NY – Yesterday, a broad coalition of community, labor, cooperative, environmental and economic justice groups convened a virtual town hall highlighting public banking as an essential strategy for ensuring a just COVID-19 recovery. The timely event, entitled “From Crisis to Recovery: NY’s Fight for Public Banking,” engaged more than 1,000 New Yorkers and featured presentations by NYC-based movement leaders and guest Kali Akuno of Cooperation Jackson.
Daily News — Families and businesses in southeast Queens are being shunned by the banking system, possibly in violation of federal law. And that makes Rep. Gregory Meeks furious.
This bill creates a safe and appropriate regulatory framework for local governments seeking to establish public banks. Public banks are financial institutions created by government entities, and accountable to the people. Through public banking, cities and counties can manage their own revenues and leverage those funds to support local economic development, including affordable housing, green jobs, equitable financial services, and more.
How will the state help address “public deserts”? Deyanira Del Río, Co-Director of the New Economy Project, and Andy Morrison, Campaigns Director for the New Economy Project, discussed the push for public banks.
Next City — It’s a sunny August Saturday in Far Rockaway, and New York State Senator James Sanders Jr. could hardly be more in his element. He’s riding high, not only on his parade float leading the 3rd Annual Carnival in the Rockaways, but also in his relatively new position as chair of the NY State Senate Committee on Banks.