Albany, New York Capital Building by Ryan Fleischer

Over 150 groups sign letter asking lawmakers to support NY Public Banking Act

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.

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