Banks’ priorities are the shareholders, not the people! We know that racism has been and, in many cases, continues to be rampant in the banking industry, which prevents Black and Brown Americans from accumulating wealth and owning houses. But public banks put money back into cities where it is needed, in infrastructure and schools, and generating reserves instead of deficits. POWER Economic Dignity Team Co-Chair Vanessa Lowe, along with Stan Shapiro of the Philadelphia Neighborhood Networks, expounds on why Philadelphia needs a public bank NOW in this piece for The Inquirer.
With democratic control, strict ethical standards, and public oversight, a public bank can be a source of revenue for the city and a key tool to combat the historic racism of the banks that dominate our lending markets, devastating Black communities. We’re excited to see Councilmember Derek Green has introduced the first bill in the country to create a city-owned bank.