• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • NEWS+OPINIONS
    • NEWS TO US
    • COLUMNS
      • APPARENT HORIZON
      • DEAR READER
      • Close
    • LONGFORM FEATURES
    • OPINIONS
    • EDITORIAL
    • Close
  • ARTS+ENTERTAINMENT
    • FILM
    • MUSIC
    • COMEDY
    • PERFORMING ARTS
    • VISUAL ARTS
    • Close
  • DINING+DRINKING
    • EATS
    • SIPS
    • BOSTON BETTER BEER BUREAU
    • Close
  • LIFESTYLE
    • CANNABIS
      • TALKING JOINTS MEMO
      • Close
    • WELLNESS
    • GTFO
    • Close
  • STUFF TO DO
  • TICKETS
  • ABOUT US
    • ABOUT
    • MASTHEAD
    • ADVERTISE
    • PRIVACY POLICY
    • Close
  • BECOME A MEMBER

Dig Bos

The Dig - Boston's Only Newspaper

STATE WIRE: PUBLIC BANKING ADVOCATES SEEK FOOTHOLD IN COVID-19 ECONOMY

Written by SUZANNE POTTER Posted April 16, 2020 Filed Under: COVID, News, News to Us

public banking covid-19

“It’s a time when we could bypass a lot of those barriers that are put up really by vested interests that don’t really want to see public banking.”


Advocates for public banking are pressing states to create their own banks, which could lend at lower rates and prioritize the recovery of local business.

They argue that Wall Street currently takes too big a bite in fees and interest.

Ellen Brown, chair of the nonprofit Public Banking Institute, says states should move their money to entities that act like a utility whose mission is to promote the public interest.

“They can direct it to the people and businesses in their local communities that actually need it,” she explains. “That credit power is all going to Wall Street, which is not redirecting it back into our local communities.”

Right now, the 100-year-old, highly profitable Bank of North Dakota is the only state-owned bank in the country.

public banking covid-19

A bill currently before the Massachusetts legislature would create the Massachusetts Infrastructure Bank solely to make low-interest loans for things such as roads, bridges and water systems.

Opponents of public banking say the idea is too risky and assert that government competition would undermine the system of privately-owned banks. Nevertheless, Brown says the idea of public banking is gaining steam in the midst of the financial crisis caused by COVID-19 lockdowns.

“It’s a time when we could bypass a lot of those barriers that are put up really by vested interests that don’t really want to see a public banking model that will compete with their private models,” she states. “What we need is the political will, and emergencies will give us the political will.”

The Public Banking Institute also wants Congress to empower the Postal Service to set up its own bank. Such a move would bring back an option that Americans enjoyed from 1911 to 1967—affordable checking and savings accounts that would be accessible from a counter in each local post office.

SUZANNE POTTER

Suzanne Potter is a journalist with 30 years of experience as a reporter for TV, radio and print news. She spent 15 years as a local TV news reporter in Palm Springs, CA and Providence, RI. She currently covers public policy California, producing radio and print stories for Public News Service.

Related posts
  • SUZANNE POTTER
    https://digboston.com/author/suzanne-potter/
    STATE WIRE: MASS HOUSE REJECTS HIGHER TAXES ON WEALTHY
  • SUZANNE POTTER
    https://digboston.com/author/suzanne-potter/
    census Massachusetts
    STATE WIRE: MASS IS 20TH IN NATION ON RATE OF RESPONSE TO CENSUS
  • SUZANNE POTTER
    https://digboston.com/author/suzanne-potter/
    UNEMPLOYMENT SCAM
    STATE WIRE: MASS UNEMPLOYMENT BENEFITS TARGETED IN INTERNATIONAL SCAM
  • SUZANNE POTTER
    https://digboston.com/author/suzanne-potter/
    Weaving Community
    STATE WIRE: PANDEMIC CAMPAIGN FOSTERS FAMILY, COMMUNITY CONNECTIONS

Filed Under: COVID, News, News to Us Tagged With: coronavirus, COVID, news, news to us

WHAT’S NEW

Inbox: "Advocates Confident In Override of Governor’s Driver’s License Veto"

Inbox: “Advocates Confident In Override of Governor’s Driver’s License Veto”

Photo of Karyna Oliinyk, courtesy of Karyna Oliinyk

Local Photographer Lives with War at a Distance

State Wire: Wraparound Services Spotlighted For Community Action Month

State Wire: Wraparound Services Spotlighted For Community Action Month

Diabetes Researcher Claims She Was Unlawfully Denied Entry To US

Diabetes Researcher Claims She Was Unlawfully Denied Entry To US

Inbox: "Reformers Vow To Press For Changes In the Massachusetts Democratic Party"

Inbox: “Reformers Vow To Press For Changes In the Massachusetts Democratic Party”

MA Lawmakers, Advocates Say Steps Needed To Tackle Ghost Guns

MA Lawmakers, Advocates Say Steps Needed To Tackle Ghost Guns

Primary Sidebar

FEATURED EVENT

Most Popular

  • Morale Violation: Whistle-Blowers Report Culture Of “Retaliation,” “Nepotism” At Parole Agency
  • We Turned the North End Restaurant Lawsuit Against Mayor Wu Into a Musical
  • Do You Want To Work For the Massachusetts Cannabis Control Commission?
  • Inbox: Red Bull Cliff Diving Returns To Boston Waterfront
  • Drunk On Drug Money, Easthampton Councilors Approve Second Tesla For Police

CURRENT STREET EDITION

DIG 24.08 – 04/21/22

Footer

Social Buttons

DigBoston facebook DigBoston Twitter DigBoston Instagram

Masthead

About

Advertise

Privacy Policy

Customer Service

Distribution

About Us

DigBoston is a one-stop nexus for everything worth doing or knowing in the Boston area. It's an alt-weekly, it's a website, it's an e-mail blast, it's a twitter account, it's that cool party that you were at last night ... hey, you're reading it, so it's gotta be good. For advertising inquiries: [email protected] To reach Editorial: [email protected] For internship opportunities: [email protected]