On January 11, over 150 advocacy groups from across New York State sent a letter to legislative leaders urging them to support S.1762-A / A.8290, the “New York Public Banking Act.” Similar to California’s AB 857, the NY bills would create a regulatory framework for cities, counties and regions seeking to create a public bank. The letter details the groups’ rationale:
“Public banks would partner with our state’s numerous community-based lenders to deliver responsible financing and emergency funding to small and worker-owned businesses. … They would invest in economic development initiatives that build, rather than extract, wealth, such as permanently-affordable housing, community-controlled renewable energy, and more. And they would expand access to high-quality, affordable banking services in New York’s historically redlined communities of color.”
[Read the letter]
[Read related article]
Photo by Ryan Fleischer.