Portside

“A public bank would be a catalyst for the type of economic development that we frankly see too little of in New York City and cities around the country.” — Andy Morrison

Funding infrastructure projects through public banks, for example, would bring down costs by reducing interest and debt service payments made toward private institutions.

Phil Murphy, a former banker newly elected as New Jersey Governor, has made a state-owned bank a centerpiece of his platform. With his win on November 7, the nation’s second state-owned bank in a century could follow.

Crushing regulations are driving small banks to sell out to the megabanks, a consolidation process that appears to be intentional. Publicly-owned banks can help avoid that trend and keep credit flowing in local economies.

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Fifteen towns approve resolution that would establish bank that works for people of Vermont, not Wall Street.

We can wrest back control of our economy, and finally our political system, from corporate speculators only by building local movements that decentralize economic power through the creation of hundreds of publicly owned state, county and city banks.