Public banking and the chiropractic doctor
I spoke with Delia Marx of the NYS Community Equity Agenda coalition, and Brahvan Ranga, political director, For the Many, about the public banking bill. According to an analysis by the New Economy Project and the Public Bank NYC coalition, every dollar used to seed public banks in New York would generate $6 in new loans for equitable economic development in underserved communities. On April 18, more than 82 local elected officials from 19 cities and counties across New York State delivered a letter to Governor Hochul, Senate Majority Leader Stewart-Cousins, and Speaker the Heastie Assembly, urging the enactment of the “New York Public Banking Law.” (S1762A/A5782) before the end of this year’s legislative session in early June. The move reflects the rapid growth of state enthusiasm to create local public banks: financial institutions created by local governments and accountable to local residents. In the letter, the lawmakers urged Albany to provide “local governments with a powerful new tool to spur truly inclusive local economic development and help address longstanding inequalities that the COVID-19 pandemic has illuminated and exacerbated.” . Public banks would provide localities with a much-needed public option for government deposits, allowing cities and counties to harness those dollars for investments in affordable housing, green jobs, equitable financial services, renewable energy, and other local needs. The signatories to the letter collectively represent millions of New Yorkers and include the New York City Comptroller and Public Defender, four New York City mayors, a large majority of the New York City Council, the entire Rochester City Council, the Albany City Treasurer, and the Chief City Auditor. , the chairman of the Westchester County Board of Legislators, the mayors of Kingston, North Tonawanda and Croton-on-Hudson, and a wide range of other county legislators and city council members from every corner of the state. More than 900 public banks have long operated in various countries and economies around the world, including here in the US with the century-old Bank of North Dakota. There are also some outstanding examples from Latin America, such as the Bank of the City of Buenos Aires or the Banco Popular of Costa Rica. Delia asked listeners to contact the Senate Majority Leader and ask her to bring this bill to a vote. Andrea Stewart-Cousins number 518-455-2585.