Saturday, October 31, 2020

'Banking for the People': Tlaib and Ocasio-Cortez Unveil Bill to Foster Creation of Public Banks Across US — Jessica Corbett

"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."..


Matt Franko said...

The only reason they want to do this is because they think “banks lend out the deposits!”

Peter Pan said...

In Canada, we have no fee banking.

Tom Hickey said...

Rohan Grey, MMT lawyer, helped craft the bill. He has a thread on it at Twitter.

Andrew Anderson said...

Doesn't solve the ethical problem of the use of the PUBLIC'S credit but for private gain.

Banks should be 100% private with 100% voluntary depositors; there is no other ethical way.

This implies that all citizens should be allowed to use their Nation's fiat in account form and that all other privileges for banks be abolished too.