MISSION AND VISION

The Public Bank NYC Coalition believes public money should work for the public good, not private gain.

 

The City of New York places billions of public dollars in Wall Street banks that routinely exploit
and extract wealth from low-income communities and neighborhoods of color, perpetuating
racial and economic inequality. Through a public bank, New York City can support vital sectors
of our local economy and divest from banks that are financing destructive corporate interests,
including speculative real estate, private prison and immigrant detention companies, the global
arms trade and the fossil fuel industry.

 

We are pressing for the creation of a public bank for NYC, as part of a broader vision for
economic and racial justice. An NYC public bank must:

 

  • Make equitable investments that support low- and extremely low-income housing, union
    and living wage jobs for New York City residents, democratically-controlled clean energy,
    public infrastructure, cooperative ownership, and small businesses, prioritizing minority and women-owned businesses and locally-based enterprises.

  • Foster community wealth-building and neighborhood-led development, including by financing cooperative, not-for-profit and non-speculative models that provide long-term
    public benefit.

  • Expand high-quality, affordable financial services to low-income and immigrant communities and communities of color, by partnering with nonprofit and mission-driven community development financial institutions, especially community development credit unions.

  • Promote transparency and accountability in municipal finance, including by providing
    comprehensive, non-extractive banking services to New York City and New York City
    agencies.

 

We believe a public bank, with a clear mission to serve critical neighborhood needs, will help achieve economic security and shared prosperity for all New Yorkers. Through direct actions, political advocacy and other joint efforts we will make this dream a reality!

 

Please contact Ali Issa at New Economy Project to learn more: 212-680-5100 x215.

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