Washington, D.C.—Udochi Onwubiko, Director of Economic Justice at Dēmos, released the following statement endorsing the Public Banking Act of 2023
For too long, our private banking system has failed us. These banks systematically discriminated against Black and brown communities, drove us toward the Great Recession, and have a history of investing funds in projects and entities that harm Black and brown communities, such as speculative real estate developers and polluting industries. It’s time to demand more.
This bill would help communities nationwide establish public banks by providing grants for their formation and building infrastructure for their liquidity.
The Public Banking Act of 2023 is a critical step towards creating a transparent, accountable, and equitable financial system. This bill would help communities nationwide establish public banks by providing grants for their formation and building infrastructure for their liquidity. The bill would also help ensure these banks serve the public good by requiring democratic structures for their governance and prioritizing public lending to projects that meet communities’ employment and environmental justice needs.
We need a banking system that prioritizes community needs rather than shareholder profits. We are proud to join our partners New Economy Project in supporting The Public Banking Act of 2023.