Public Banking Act

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

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.

Learn more about the Public Banking Act here.

This information is provided by Public Bank NYC.