Creating the New Economy: Public BankingWhen our cities and states want to fund worthy projects, they normally go to big banks for a loan or to help issue and sell bonds. But working with a private bank adds costs to project financing, as interest paid on loans and fees on banking services go to reward investors and increase bonuses for top-level bank management. And when private investors play a role in public spending, the preference is for projects that will offer the best return on investment, encouraging gentrification and privatization of necessary services like water and transportation.
Can we afford to give Wall Street an ever-larger slice of the pie? Or should cities and states create their own publicly-owned banks, where state revenues can be deposited and used to back loans for worthy purposes, such as infrastructure, housing, small business development and student loans? This is the step that populist farmers in North Dakota took a century ago when, badly served by eastern banks, they founded the Bank of North Dakota. And now, across the country, groups of activists are following in their footsteps and organizing for public banks. Alliance for Democracy members and supporters are working on local public banking projects in Boston, Portland OR, and Washington DC. Follow links to learn more about those efforts. Download, read, or order our issue of Justice Rising on public banks, and watch and share other Alliance-produced media related to public banking below. Public Banking for a new economy
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AfD Public Banking efforts
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