Public banking serves as a powerful tool to keep taxpayer dollars in local communities.
Cities and counties hold billions of dollars of public money in Wall Street banks. Legally, these corporate banks own and control this money which they have used to finance harmful industries including: private prisons, immigrant detention centers, weapons manufacturers, fossil fuel pipelines, and other investments that prioritize corporate profit over the people and the planet. These too-big-too-fail banks are also engaged in risky and fraudulent practices that crashed the global economy in 2008. We have the opportunity now to build a new alternative banking system through locally-controlled socially and environmentally responsible public banks, enabling cities and counties to recapture public dollars and have a say over the financing of our own communities.