A Public Bank for NYC? Count us in!
Updated: May 5
Written by A Bookkeeping Cooperative and originally posted on bookkeeping.coop.
A Bookkeeping Cooperative just joined the Public Bank NYC Coalition.
We’re excited to work with others in cooperatives, credit unions, labor, prison abolition, environmental, housing, and racial justice organizations towards a municipal banking system that serves our shared goals for a more just world.
The Problem Right now, The City of New York deposits billions of dollars of public money in big commercial banks (e.g. Chase, Bank of America) that destroy the well-being of people and planet by financing things like speculative real estate, immigrant detention, the global arms trade, and the fossil fuel industry.
The Dream Rather than putting public money on deposit with Wall Street, NYC could put it into a public municipal bank owned by the city, accountable to New Yorkers, and mandated to serve the public good.
This public bank could invest in things like:
Actually affordable housing
Union, living wage jobs
Democratically-controlled sustainable energy
Small business (especially those run by women and people of color)
Non-extractive financial services for all
Community-controlled development for public benefit
How would a public bank affect me/my organization? If your work touches on housing, racial, environmental, or economic justice, or if your life or your neighborhood would be better off with more of that, then the fight for a public bank is your fight. ABC works with other worker coops and with housing coops, food coops, freelancers, nonprofits, small and not so small businesses, many of whom would directly benefit from a public bank.
This is different from switching to a credit union or community bank as an individual or organization. (Though we also think that’s a good move, have done it ourselves, and are happy to support you to do it too if you haven’t yet)! As we work to align our organizations with our values, we also need to work at a larger scale to transform the whole economic system in which we operate.
At ABC, whether we’re doing monthly reconciliations or facilitating trainings on making democratic decisions about group finances, we’re always thinking about resources. A public bank for NYC is one important possibility for redirecting resources towards a solidarity economy that works for all.
How can I help make this happen?:
Learn more at www.publicbanknyc.org
Request a community workshop
Follow PublicBank NYC on Twitter for updates and future actions
If you’re an aligned organization, join or endorse the Coalition
Wall Street Beware: The Public Banking Movement is Coming for You, Kurtis Wu, Truthout
How A Public Bank Could Help You, Michelle Chen, The Nation
¿Dónde depositar el dinero de NYC? Crear un banco público gana apoyos, Ana B. Nieto, El Diario
A Public Bank for Public Good! The Laura Flanders Show