US Capitol by Louis Velazquez

Federal Public Banking Act revived

Representatives Rashida Tlaib and Alexandria Ocasio-Cortez revived The Public Banking Act federal legislation by reintroducing it December 13, 2023.

CommonDreams reports from Rep. Tlaib’s press release:

“If passed as written, the Public Banking Act of 2023 would:

  • Provide federal charters for public banks;
  • Provide public banks a pathway to membership at the Federal Reserve, allowing public banks additional access to capital and loans;
  • Establish a “Public Bank Primary Liquidity Facility” that provides liquidity to public member banks;
  • Establish a public banking grant program, to facilitate bank formation, capitalization, and operations, among other purposes; and
  • Establish a public banking incubator program for technical assistance and start-up support.”

The legislation is cosponsored by Representatives Ayanna Pressley, Barbara Lee, Jan Schakowsky, and Ilhan Omar.

[Read bill]

Photo by Louis Velazquez.

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