Thread by @Netroots_Nation

Dropping into:
Power of Public Banks to Accelerate Progressive Movements 3:45ET, 10/8
@MandlaTDeskins
@navicularity
@jackiefielder @sfpublicbanks
@j_larosa415 @EquityEconLab
@tran.scends @urbanpartnersla

@MandlaTDeskins @navicularity @JackieFielder @J_LaRosa415 @EquityEconLab @Tran @urbanpartnersla So many of us know about commercial banks and credit unions, but public banking is getting attention in US. Public banks challenge Wall Street and empower local governments to invest in affordable housing and renewable energy while tackling racial inequity.

Q: What is going on federally and in organizing nationally for public banking?
#NN21

Answer from @J_LaRosa415 Public Banking Alliance kicked off for national effort, modeled on CA success. Federal Public Banking Act passed. COVID disruption...but still effort continues to drive public awareness for development of municipal public banks.
#NN21

Question: Why not use public banks to help the unbanked? Relationship with USPS

They work together--but easier to develop municipal infrastructure than at federal level.

Question: How does public banking fuel progressive movements?
#NN21

Public banking is about creating a public financial infrastructure for providing public goods.

Creating public banks with access to federal reserve makes capital more accessible...and public banks will have a public mandate.
@navicularity

@navicularity Public banks drive the programs do we want to see?

Public banks would be able to (and mandated/interested) invest in public good, not just profit.
@J_LaRosa415

@navicularity @J_LaRosa415 We see public banks as a cornerstone of progressive movement.

There is a move away from private to services that work for the needs and interests of the people.

Public local/municipal movements can't depend on for profit banks to fund work in community.

@tran_scends

Sign up for more info about the movement:
bit.ly/NetrootsPublic…

Follow and find these public banking leaders online and Twitter:
@MandlaTDeskins @takeonwallstreet
@navicularity
@jackiefielder @sfpublicbanks
@j_larosa415 @EquityEconLab
@tran_scends @urbanpartnersla