We believe 2024 is going to produce another significant leap for the public banking movement. Fully 76% of states now have a local public banking group or candidate with a public bank platform. A dozen municipal and state legislative initiatives were introduced and actively pursued in 2023.
- Formal business and governance plans were written and approved in San Francisco.
- Funding was approved for a needed viability study in Los Angeles.
- Philly’s Municipal Financial Authority awaits the new mayor to seat its board.
- And East Bay, California made history by hiring a CEO, becoming the first public banking effort in the nation to bring on a chief executive.
Each initiative gets us closer to realizing our goal of establishing new public banks. As originators of this movement, the Public Banking Institute’s Board of Directors is assessing all the progress we’ve experienced in preparation for a period of dramatic expansion. Several important legislative initiatives are being readied to be introduced in the early weeks of 2024. Business plans will face the scrutiny of regulators this year.
We continue to see the enormous value in helping local coordinators develop skills and strategic vision from the important relationships they’ve established through their years of work on local initiatives. This shared knowledge builds our collective success. And with the supportive brain-trust of our Board of Advisors, PBI has the expertise to ensure that public banking’s time has finally come. For so many reasons, now IS the time for America to create public banks!
We hope we’ll have your continued support in this transformative project as we move forward in 2024. With best wishes for your 2024!
Walt McRee & Ellen Brown
Co-Chairs – Public Banking Institute