‘Banking for the People’: Tlaib and Ocasio-Cortez Unveil Bill to Foster Creation of Public Banks Across US

Posted on October 30, 2020Comments Off on ‘Banking for the People’: Tlaib and Ocasio-Cortez Unveil Bill to Foster Creation of Public Banks Across US

“It’s time for an option that works for the people and not solely privatized profits.”byJessica Corbett, staff writer

“It’s long past time to open doors for people who have been systematically shut out and provide a better option for those grappling with the costs of simply trying to participate in an economy they have every right to—but has been rigged against them.”

That’s according to Rep. Rashida Tlaib (D-Mich.), who along with Rep. Alexandria Ocasio-Cortez (D-N.Y.) and a handful of other progressives in Congress introduced legislation on Friday they say “would provide a much-needed financial lifeline to states and municipalities, as well as unbanked and underbanked residents, that have been left in dire straits by the Covid-19 pandemic.”

Specifically, as a joint statement from the congresswomen explains, the Public Banking Act (pdf) would enable “the creation of state and locally administered public banks by establishing the Public Bank Grant program administered by the secretary of the Treasury and the Federal Reserve Board which would provide grants for the formation, chartering, and capitalization of public banks.”

Comments Off on ‘Banking for the People’: Tlaib and Ocasio-Cortez Unveil Bill to Foster Creation of Public Banks Across US