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Creating the New Economy: Public Banking

When 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 Massachusetts and Portland OR. Follow links to learn more about those efforts.

Read or order our issue of Justice Rising on public banks, and watch and share other Alliance-produced media related to public banking below. 

AfD Public Banking efforts

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Public Banking for a New Economy

Justice Rising looks at public banking

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Our Spring 2014 issue of Justice Rising, entitled Public Banking: Creating Jobs, Building Communities and Reclaiming the Commons is available online or in print. Download individual articles or the entire issue, or request print copies by contacting the Alliance. 

Download the full issue here.

Table of Contents
  • ​Public Banks: Creating Public Money for the Public Good, by Ruth Caplan
  • In Solidarity with the People of Detroit
  • Accumulating Violence, by Jeremy Mohler
  • Public Banking and Economic Democracy, by Gwenldolyn Hallsmith 
  • Battle for Control of the Monetary System: The Public Good vs. Private Banks, by Jim Tarbell 
  • Editorial and Public Bank Campaigns 
  • How Do You Start a Public Bank? by Tom Sgouros 
  • Public Bank Campaigns Across the Country: DC, Michigan, and Vermont, by Ruth Caplan, Dan Osterman, and Gwendolyn Hallsmith  ​part 1     part 2  
  • The Bank of North Dakota: Born out of Farm Foreclosures, by Ruth Caplan
  • BND is Thriving Today, by Ruth Caplan
  • Postal Banking: Prosperity for Struggling Communities, by Ira B. Dember
  • German Banking Models, by Steve Seuser
  • Public Banking Groups
  • Public Banking Books
  • 100 Years is Enough: Time to Make the Fed a Public Utility, by Ellen Brown
  • Why You Should Care, What You Should Do

Public Banking in California on "Corporations and Democracy"

Dan Hamburg, Mendocino County Supervisor, and John Avalos, of the San Francisco County Board of Supervisors, talk about the campaign to bring public banking to communities in California, including broader discussions on how government and civic-minded entities should invest their money, democratic control of banking, and the ins and outs of charter government. Tom Wodetzki hosts from the KZYX Philo studio. 

Support our work​

You can earmark your donation to further our work on public banking. Give online securely through our partners at Salsalabs here, or mail your donation to Alliance for Democracy, 21 Main Street, Suite 4, Hudson, Massachusetts 01749. Please indicate "public banking" on the memo line of your check.
Thank you!

Links and resources to learn more about public banking

Organizations

Books

  • Public Banking Institute
    ​Supporting local public banking efforts across the country, PBI is also a tremendous resource for anyone who would like to learn more about how public banks work and what they can do for stronger local economies. 
  • California Public Banking Alliance 
    This site connects with statewide efforts as well as many municipal and county campaigns for more local public banks. 
  • Banking on New Jersey
  • Public Bank NYC
    A good site to visit to learn more about the downsides of privately-held and invested public funds
  • Support Ohio Local Economies Coalition
  • Pennsylvania Public Bank Project
  • Philadelphia Public Bank Coalition

You can visit this page at the Public Banking Institute website to find links to other state and municipal campaigns. 
Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free, and The Public Bank Solution: From Austerity to Prosperity, by Ellen Brown
Web of Debt builds on The Wonderful Wizard of Oz's allegory for monetary policy and the struggle between the people and the banks from Ben Franklin to the 2008 crash. The Public Bank Solution takes the reader back in time and around the globe to show that the idea of public banking has deep roots yet is a workable system today. Essential reads for those who want to change the financial system.

Checking the Banks: The Nuts and Bolts of Banking for People Who Want to Fix It
, by Tom Sgouros 
As well as giving the reader a nuts and bolts look at bank operations, this book also looks at several alternative forms of banking that can enhance community wealth building over Wall Street profits. 

Public Banks: A Next City Flash e-Book
A look at public banking as a way to align municipal and state finance more closely with the values of residents. Available as a free download (or donate) here. 
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