Large Private Banks Are Fleecing America. What are YOU going to do about it?
The Public Banking Institute (PBI) is actively enrolling leading organizations to participate in a national coalition to create a network of public banks. These banks can be capitalized from several sources, including public employee and other labor pensions, with the core deposits coming from tax and other revenues from city/county/state governments.
Organizations supporting this coalition include large associations and established organizations in the following areas: independent business, labor, new economy, food systems, religious institutions, and others. These organizations will be announced soon.
We will focus campaigns for public banking in 5-7 targeted areas that have a good chance of succeeding with teams already formed on the ground. Once we score some victories, we can expand to other areas.
We propose the immediate formation and funding of a coalition that will create public banks with specific focus on key states, such as Oregon, Washington, Montana, Vermont and Hawaii, and cities and large counties in other states (California, Illinois, Pennsylvania, New Jersey, and others).
We envision a network of sustainable state and local publicly owned banks that create affordable credit as an alternative to the current unsustainable, high-risk, centralized private banking system.This network of public banks will provide affordable credit to local communities, which are able to develop their economies and create well-paying jobs and provide the livelihoods needed for working families.
Localization of credit is key to restoring the financial security that our communities and middle class once enjoyed – and to providing communities new tools to address economic, racial, and social inequities.