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
Today, New York State legislators joined community and labor groups from across the state in calling on Albany to enact the New York Public Banking Act (S1754/A3352), which as of late last week has been co-sponsored by a majority of the NYS Senate.
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
In response to the banking crisis sending shockwaves through the economy, a statewide coalition delivered a letter to NYS Senate Majority Leader Andrea Stewart-Cousins and NYS Assembly Speaker Carl Heastie urging passage of the New York Public Banking Act to “give local governments a sorely-needed ‘public option’ for holding public deposits.” The bill would create a safe and appropriate regulatory framework for public banks – financial institutions created by local governments and chartered to serve the public interest.
March
2023
17
We write to express our alarm over recent reports that hundreds of millions of dollars in public deposits belonging to New York local governments are held at failed Signature Bank. Our coalitions, which include dozens of community and labor groups representing hundreds of thousands of New Yorkers, strongly urge you to pass the New York Public Banking Act (S1754/A3352) this session and give local governments a sorely-needed “public option” for holding public deposits.
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
Vice — Over the past week, bank runs have caused multiple U.S. institutions serving the technology and crypto industries to collapse. Two banks, Silicon Valley bank (SVB) and Signature Bank, have been placed into receivership with the Federal Deposit Insurance Corporation (FDIC), which will put all deposits into bridge banks run by the FDIC until they can be sold in an effort to quell panic about the stability of the banking system.
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.