lpetrich
Contributor
Vox on Twitter: "EXCLUSIVE: @RashidaTlaib and @AOC are proposing a new bill that would foster the creation of public banks across the country — with the aim of encouraging investments in public resources such as affordable housing and renewable energy projects. https://t.co/NAPtj2McwA" / Twitter
noting
AOC and Rashida Tlaib’s Public Banking Act, explained - Vox - "Rashida Tlaib and AOC are rolling out a plan to help create public banks across the country."
Tlaib, Ocasio-Cortez Introduce Legislation Enabling Creation of Public Banks | Representative Rashida Tlaib - "Landmark legislation provides financial lifeline for states, municipalities, and unbanked and underbanked residents"
H.R.8721 - 116th Congress (2019-2020): To provide for the Federal charter of certain public banks, and for other purposes. | Congress.gov | Library of Congress - introduced by RT herself.
Its 9 cosponsors: AOC, Ayanna Pressley, Pramila Jayapal, Ilhan Omar, Al Green, Bennie Thompson, Earl Blumenauer, Barbara Lee, Janice Schakowsky
It was introduced close to the Congressional reset at the end of this year, so it's not likely to get very far. But it and some 400 other bills may be reintroduced next year, when there is much more chance of any of them passing.
noting
AOC and Rashida Tlaib’s Public Banking Act, explained - Vox - "Rashida Tlaib and AOC are rolling out a plan to help create public banks across the country."
A public option, but for banking. That’s what Reps. Rashida Tlaib and Alexandria Ocasio-Cortez are proposing in a new bill unveiled on Friday.
The Public Banking Act, first shared with Vox, wouldn’t create those options by itself, but would foster the creation of public banks across the country by providing them a pathway to getting started, establishing an infrastructure for liquidity and credit facilities for them via the Federal Reserve, and setting up federal guidelines for them to be regulated. Essentially, it would make it easier for public banks to exist, and it would give some of them grant money to get started.
While it sounds a little wonky, the basic idea is to make it possible for state and local governments, local businesses, and people to do business with public banks, which theoretically would be more motivated to do public good and invest in their communities than private institutions, which are out for profit. One public bank exists in North Dakota, and there is a growing movement to create more of them across the country. California recently passed a law allowing cities and counties to create and sponsor public banks.
“Economic stability is really, truly tied in with access to this type of banking,” Tlaib said in an interview with Vox. “It’s to try to create stable neighborhoods and communities.”
Tlaib, Ocasio-Cortez Introduce Legislation Enabling Creation of Public Banks | Representative Rashida Tlaib - "Landmark legislation provides financial lifeline for states, municipalities, and unbanked and underbanked residents"
oday, Congresswomen Rashida Tlaib (MI-13) and Alexandria Ocasio-Cortez (NY-14) introduced the historic Public Banking Act, which allows for the creation of state and locally administered public banks by establishing the Public Bank Grant program administered by the Secretary of the Treasury and the Federal Reserve Board which would provide grants for the formation, chartering and capitalization of public banks. It also codifies that public banks may be members of the Federal Reserve. Public banks can offer lower debt costs to city and state governments, fund public infrastructure projects, and encourage entrepreneurship by providing loans to small businesses at lower interest rates and with lower fees. The legislation also creates a pathway for state-chartered banks to gain federal recognition and recognizes a framework for public banks to interact with Fed Accounts, postal banking, and Digital Dollar platforms. As such, the passage of The Public Banking Act would provide a much-needed financial lifeline to states and municipalities, as well as unbanked and underbanked residents, that have been left in dire straits by the COVID-19 pandemic.
H.R.8721 - 116th Congress (2019-2020): To provide for the Federal charter of certain public banks, and for other purposes. | Congress.gov | Library of Congress - introduced by RT herself.
Its 9 cosponsors: AOC, Ayanna Pressley, Pramila Jayapal, Ilhan Omar, Al Green, Bennie Thompson, Earl Blumenauer, Barbara Lee, Janice Schakowsky
It was introduced close to the Congressional reset at the end of this year, so it's not likely to get very far. But it and some 400 other bills may be reintroduced next year, when there is much more chance of any of them passing.