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John,
For decades, the American financial landscape has been dominated by Wall Street-run banks, a system that has repeatedly proven to be downright dangerous, particularly for marginalized communities.
The success of public banking stands in stark contrast to this model, exemplified by the Bank of North Dakota which has been in operation since 1919. Public banks, unlike their Wall Street counterparts, are not driven by shareholder profits but by the welfare of the community.
They have demonstrated remarkable success in saving money for municipalities and states, creating jobs, boosting local economies, and offering stability against the financial shocks induced by Wall Street's greed.
That’s why Representatives Rashida Tlaib and Alexandria Ocasio-Cortez have introduced The Public Banking Act. This revolutionary bill seeks to establish a regulatory framework for public banks, focusing on critical issues like environmental justice, tenant protections, labor standards, democratic governance, and consumer data privacy.
Become a grassroots co-sponsor of the Public Banking Act and be part of the movement that ends Wall Street’s greed.
It’s no secret that Wall Street-run banks have failed to provide fair access to credit in rural, Black, Indigenous, and Latino communities, perpetuating a cycle of financial exclusion and poverty.
On top of that, the risky investment strategies adopted by these institutions, driven by the pursuit of profits, have led to a lack of accountability for socially destructive investments, such as those in fossil fuel developments.
The public banking model is a proven solution with a century of success behind it. It is a comprehensive approach to ensure that public banks serve the public good and not the financial elite.
In a world where financial inequality is rampant and access to equitable credit remains a distant dream for many, the need for a paradigm shift in the banking sector has never been more urgent.
So become a grassroots co-sponsor of the Public Banking Act to help drive a significant change towards a more equitable and just financial system.
Together, we can create a financial system that serves the many, not the few.
- Amanda
Amanda Ford, Director
Democracy for America
Advocacy Fund
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